The country’s largest bank SBI on Thursday reported an 83 per cent jump in net profit at Rs 16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.
In the January-March quarter of 2021-22 financial year, State Bank of India’s net profit on standalone basis was Rs 9,113.53 crore.
During the March quarter of 2022-23 fiscal, the bank’s interest income rose 31 per cent to Rs 92,951 crore, SBI said in a regulatory filing.
Provisioning for bad loans and contingencies nearly halved to Rs 3,315.71 crore during the quarter, as against Rs 7,237.45 crore in the January-March period of 2021-22.
For the full 2022-23 fiscal, SBI’s net profit increased 59 per cent to Rs 50,232.45 crore. The profit in 2021-22 fiscal was Rs 31,675.98 crore.
SBI also declared a dividend of Rs 11.30 per equity share (1130 per cent) for the financial year ended March 31, 2023. The date of payment for the dividend is fixed on June 14.
Shares of SBI were trading at Rs 581.75, down 0.81 per cent in post noon trade on the BSE.