State Bank of India (SBI) on Wednesday reported a 55.3 per cent year-on-year (YoY) rise in its net profit to post its highest quarterly profit of Rs 6,504 crore during April-June. On a sequential basis, the net profit was 0.8 per cent higher than Rs 6,451 crore in the preceding March quarter.
The state-owned bank's net interest income (NII) rose 3.7 per cent YoY to Rs 27,638 crore, while domestic net interest margin contracted 9 basis points to 3.15 per cent. Non-interest income rose 24.3 per cent to Rs 11,803 crore.
"The operating profit increased by 5.06 per cent to Rs 18,975 crore in Q1FY22 from Rs 18,061 crore in Q1FY21. The operating profit excluding exceptional item increased by 14.85 per cent," the bank said in a release.
The current account and savings account (CASA) deposits rose 10.7 per cent YoY to Rs 16.59 lakh crore, while CASA ratio expanded 63 basis points to 45.97 per cent.
On asset front, gross non-performing assets (NPA) ratio contracted 12 basis points YoY to 5.32 per cent, while net NPA ratio shrunk by 9 basis points to 1.77 per cent. However, on a quarterly basis, gross NPA ratio expanded by 34 basis points, while net NPA ratio expanded 27 basis points.
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The bank's domestic credit growth stood at 5.6 per cent YoY, mainly driven by 16.5 per cent growth in retail advances. Agri advances grew 2.5 per cent YoY and advances to small and medium enterprises rose 2.0 per cent, SBI said. Home loan, which constitutes 23 per cent of the bank's domestic advances, grew 10.9 per cent YoY.
Slippages during the quarter stood at Rs 15,666 crore as against Rs 3,637 crore in the year-ago quarter and Rs 21,934 crore in preceding March quarter. The provision coverage ratio was at 85.93 per cent during the quarter, down 39 basis points YoY and 182 basis points from preceding March quarter.
On a consolidated basis, the bank's net profit grew 54.4 per cent to Rs 7,380 crore during June quarter.
Shares of SBI were trading 4.05 per cent higher at Rs 464.55 on the BSE in the afternoon session on Wednesday.
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