Mumbai (Maharashtra) [India], August 6 (ANI): The country’s largest lender State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 6,068 crore for the first quarter of the current financial year as compared to Rs 6,504 crore recorded in the corresponding period of the last year, registering a year-on-year decline of 7 per cent.
SBI’s standalone total income fell to Rs 74,998.57 crore for the quarter ended June 30, 2022, as compared to Rs 77,347.17 crore recorded in the corresponding quarter of the last year.
As per a regulatory filing to the stock exchanges, State Bank of India’s balance sheet size crossed Rs 50 lakh crore during the quarter under review.
The increase in the balance sheet was led by 14.93 per cent year-on-year growth in credit. Domestic Advances grew at 13.66 per cent year-on-year and Foreign Offices’ Advances grew by 22.39 per cent year-on-year.
Domestic advances growth was driven by 18.58 per cent jump in retail personal advances. Home loan grew by 13.77 per cent year-on-year during the quarter under review.
The bank’s operating profit slumped to Rs 12,753 crore in the first quarter of the current financial year as against Rs 18,975 crore recorded in the corresponding quarter of the previous year, impacted by mark-to-market (MTM) losses on investment book.
SBI’s net interest income (NII) for the quarter ended June 30 rose 12.87 per cent YoY to Rs 31,196 crore as compared to Rs 27,638 crore recorded in the corresponding quarter of the last year.
The government-run lender reported significant improvement in its asset quality. SBI’s gross non-performing assets (NPA) ratio improved to 3.91 per cent at June-end 2022 as compared to 5.32 per cent recorded at June-end 2021.
The bank’s net NPA declined to 1.02 per cent in June 2022 from 1.7 per cent in June 2021. (ANI)
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Source: The Print