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Home » Business » SBI Q4 profit jumps 41 pc to Rs 9,114 cr on fall in bad loans

SBI Q4 profit jumps 41 pc to Rs 9,114 cr on fall in bad loans

State Bank of India (SBI) had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing.

By Newsd
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The country’s largest lender SBI on Friday reported a 41 per cent jump in standalone net profit at Rs 9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans.

State Bank of India (SBI) had registered a profit of Rs 6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing.

Total income of the bank during the March quarter increased marginally to Rs 82,613 crore, from Rs 81,327 crore in the year-ago period.

During the quarter under review, net interest income rose 15 per cent to Rs 31,198 crore, from Rs 27,067 crore in the same period a year ago.

On a consolidated basis, the bank reported a 56 per cent increase in net profit at Rs 9,549 crore, compared to Rs 6,126 crore in the fourth quarter of financial year 2020-2021.

With regard to asset quality, gross non-performing assets (NPAs) of the bank declined to 3.97 per cent of gross advances as on March 31, 2022, as against 4.98 per cent by the same period of 2021.

It further said that in absolute terms, gross NPAs declined to Rs 1,12,023 crore in March 2022, from Rs 1,26,389 crore in the same period last year.

Net NPA or bad loans too came down to 1.02 per cent as on March 31, 2022 from 1.50 per cent in the year-ago period. The net NPA in absolute terms eased to Rs 27,966 crore, from Rs 36,810 crore in March 2021.

As a result, the provision for bad loans declined to Rs 3,262 crore, as compared to Rs 9,914 crore in the fourth quarter of financial year 2020-2021.

For the entire financial year 2021-22, the bank reported a 55 per cent rise in standalone profit at Rs 31,676 crore, from Rs 20,410 crore in the financial year 2020-2021.

The board has recommended a dividend of Rs 7.10 per share or 710 per cent on the face value for the financial year ended March 31, 2022.

The date of payment of dividend is fixed on June 18, 2021 and the dividend warrants will be dispatched before the date of payment, which will be payable at par at all branches of State Bank of India, irrespective of the amount, it said.

During the year, the net interest margin (NIM) or the spread improved to 3.40 per cent from 3.11 per cent in the previous fiscal.

Capital Adequacy Ratio (CAR) improved to 13.83 per cent as on March 2022, as against 13.74 per cent in the previous fiscal.

Shares of SBI closed at Rs 445.05 per unit, down 3.76 per cent on BSE.

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