SBI Chairman on the Bank’s Record High Profit & Broking Houses’ Praises

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SBI Chairman on the Bank’s Record High Profit & Broking Houses’ Praises
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The country’s largest lender State Bank of India (NS: SBI ) reported its best-ever net profit figure in the September-ending quarter, jumping 73.9% YoY to Rs 13,264.5 crore.

The state-owned lender’s chairman Dinesh Khara said on Saturday that SBI posted the highest-ever profits recorded by any corporate house, asserting that analysts and broking houses praised the lender’s financial performance.

“In the recent quarterly results, the bank’s profits are the highest ever. SBI crossed the highest ever profits recorded by any corporate and analysts and broking houses are praising this,” Khara stated.

To mention a few brokerages, Motilal Oswal (NS: MOFS ) Securities said that SBI is in a ‘cruising mood’, while ICICI Securities (NS: ICCI ) sees SBI ‘firing on all cylinders’. 

According to the banking behemoth’s Chairman, SBI is a ‘proxy to the Indian economy’, with 47 crore customers. The lender has improved customer service but still has a long way to go, said Khara, as cited in a PTI report.

The lender’s key profitability metric - net interest margin (NIM) improved 5 basis points YoY and 32 bps QoQ to 3.55% and credit cost expanded by 15 bps to 0.28% in the September quarter.

SBI’s asset health improved as gross NPA eased to 3.52% from 4.9% in the year-ago period, while net NPA fell to 0.8% from 1.52% in Q2 FY22.

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