By Malvika Gurung
Investing.com -- The country’s largest public-sector lender State Bank of India (NS: SBI ) reported its highest-ever quarterly profit in the March-ending quarter on Friday, though missing the Street’s estimate.
The banking major’s standalone net profit surged 41% YoY to Rs 9,113.5 crore in the March quarter, led by an improvement in asset health and margins, while missing analysts’ target.
On a consolidated basis, SBI’s net profit jumped 56% YoY to Rs 9,549 crore in the quarter.
Its net interest income (NII), an important measure, climbed 15.26% YoY and 1.6% QoQ to Rs 31,198 crore, and NIM improved 29 basis points to 3.4% in the period.
The public sector lender’s asset health also improved in the final quarter of FY22, as gross NPA lowered to 3.97% from 4.5% in the Dec quarter and 4.98% in Q4FY21. The net NPA fell to 1.02% from 1.34% sequentially and 1.5% in the YoY period.
Further, its provisions in the quarter tumbled 34.5% to Rs 7,237.4 crore, and loan growth exceeded the Street’s estimate at 11.6%. Net bad loans declined by 19% YoY to Rs 27,966 crore in the quarter.
SBI’s board has declared a dividend of Rs 7.1/share for FY22, with record date set at May 26, 2022.
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Wonderful results!!! Massive surge in profits almost nearing 10,000 Crores. Declared more than expected dividend. Decrease in NPA’s is a vital area that is worth celebratingLike 4