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Blockbuster Results From India's Largest Bank

Blockbuster Results From India's Largest Bank

State Bank of India (SBI), the largest bank in the country as per assets, has announced that its net profits jumped by 74 per cent this quarter. The public sector bank said it has posted the highest ever quarterly net profit at Rs 13,265 crore, up from Rs 7,627 crore in the same quarter of the previous financial year. Its operating profit for the July-September quarter was at Rs 21,120 crore, which is up by nearly 17 per cent on a year-on-year basis. The bank’s net interest income rose 12.8 percent year-on-year to Rs 35,183 crore, up from Rs 31,184 crore in July-September 2021. The net interest income is the difference between interest earned and interest expended. The bank’s Net Interest margins (NIM) were at 3.55 per cent in the reporting quarter from 3.23 per cent in June and 3.50 per cent in the September quarter last year. As per its filing, the bank’s interest earned rose 15 per cent to Rs 79,859.59 crore, while the interest expended was Rs 44,676.15 crore. The largest lender in the country reported that its gross non-performing assets (NPA) were 3.52 per cent of the total loan book, down from 4.90 per cent in Q2 FY22. On a net basis, bad loans were 0.80 per cent of the loan book compared with 1.52 per cent in Q2 2021-22, which is a healthy sign.