Due to this, SBI’s non-interest income dipped massively to Rs2,312 crore from Rs11,802 crore in the previous corresponding quarter.
Consequently, operating profit dipped 32.80% to Rs12,753 crore in Q1FY23.
SBI’s net interest income stood at Rs31,196 crore in Q1FY23, up 12.9% y-o-y, but down 0.01% sequentially. Its domestic interest margin, a measure of profitability, was at 3.23%, 17 basis points (bps) lower than the March quarter.
It achieved a Net interest margin (NIM) of 3.23%, an improvement of 8 basis points.
Current and savings account deposits increased by 6.5%, accounting for 45.33% of the total deposit book. Deposits increased by 8.73% overall for the quarter.
Gross NPAs formed 3.91% of the loan book as against 5.32% in the same quarter of the previous financial year.
Net NPAs stood at just 1% of the total loan book.
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