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SBI Q2 results: Net profit soars 67% to Rs 7,627 cr, NII up 10.7%

SBI Q2 results: Net profit soars 67% to Rs 7,627 cr, NII up 10.7%

On asset front, the bank's gross non-performing assets (NPA) stood at Rs 1.23 lakh crore as against Rs 1.25 lakh crore in the year-ago quarter.

Net NPA were at Rs 37,118 crore against Rs 36,450 crore in the year-ago quarter. Net NPA were at Rs 37,118 crore against Rs 36,450 crore in the year-ago quarter.

State Bank of India (SBI) on Wednesday reported a 66.7 per cent year-on-year (YoY) rise in net profit for July-September at Rs 7,627 crore. The bank had reported a profit of Rs 6,504 crore in the preceding June quarter.
 
Net interest income (NII) grew 10.7 per cent YoY to Rs 31,184 crore, while on a sequential basis, it was higher by 12.8 per cent. The domestic net interest margin (NIM) expanded 16 basis points YoY to 3.50 per cent.
 
Domestic current account and saving account (CASA) deposits grew 11.8 per cent to Rs 17.06 lakh crore, while CASA ratio expanded 85 basis points to 46.24 per cent. Total deposits grew 9.8 per cent during the quarter, while home loans, which constitute 24 per cent of the bank's domestic advances, witnessed a growth of 10.74 per cent.
 
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On asset front, the bank's gross non-performing assets (NPA) stood at Rs 1.23 lakh crore as against Rs 1.25 lakh crore in the year-ago quarter, while net NPA were at Rs 37,119 crore against Rs 36,451 crore in the year-ago quarter. In percentage terms, gross NPA declined 38 basis points to 4.90 per cent of total advances, while net NPA contracted 7 basis points to 1.52 per cent.
 
SBI said its slippage ratio stood at 0.66 per cent, down from 2.47 per cent in the preceding June quarter, while credit cost declined by 51 basis points YoY to 0.43 per cent.
 
Shares of SBI were trading 3.69 per cent higher at Rs 540.95 on the BSE after the announcement of financial results.

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Published on: Nov 03, 2021, 2:03 PM IST
Posted by: Vinay Rai, Nov 03, 2021, 2:01 PM IST