SBI Q2 Net Profit Jumps 74% YoY To Rs 13,265 crore, NII Increases 12.8%

State Bank of India (SBI) on Saturday reported a 74 per cent jump in its standalone net profit to Rs 13,264.52 crore in the September 2022 quarter (Q2FY23), compared with Rs 7,627 crore in the year-ago period. Its net interest income (NII) during July-September 2022 increased about 12.83 per cent year-on-year to Rs 35,183 crore, compared with Rs 31,184 crore a year ago.

Deposits with the country’s largest bank stood at Rs 41,90,255 crore as of September 30, 2022, which is around 9.99 per cent higher than the Rs 38,09,630 crore recorded in Q2FY22, according to a statement by SBI.

Its domestic net interest margins (NIMs) improved 5 basis points YoY and 32 bps QoQ to 3.55 per cent.

SBI’s gross NPAs (non-performing assets), as percentage of total advances, at the end of the September 2022 quarter stood at 3.52 per cent, which has improved by 138 basis points as compared with 4.9 per cent a year ago. SBI’s net NPAs also dropped to 0.8 per cent in September 2022 quarter, compared with 1.52 per cent a year ago.

As a result, provisions for bad loans came down to Rs 2,011 crore, from Rs 2,699 crore in the same quarter a year ago.

On a consolidated basis, SBI Group reported a 66 per cent surge at Rs 14,752 crore for the second quarter ended September 30 as against Rs 8,890 crore in the July-September quarter of previous fiscal.

The total income of the SBI group rose to Rs 1,14,782 crore in the quarter under review, compared to Rs 1,01,143.26 crore in the year-ago period.

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