SBI logs 6.7% y-o-y decline in Q1FY23 Net Profit at Rs6,068 crore

8 Aug 2022 , 02:50 PM

State Bank of India, India’s largest lender, reported a 6.7% year-on-year decline in June quarter net profit to Rs6,068 crore on Saturday. The bank suffered an MTM loss of Rs6,549 crore in the three months to June as bond yields rose during the period.

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.

At around 2.53 PM, State Bank of India was trading at Rs521.40 down by Rs9.25 or 1.74% from its previous closing of Rs530.65 on the BSE. The scrip touched intraday high and low of Rs525 and Rs514 respectively.