Net Profit Jumps 41% to Rs 9,113 Crore; NII Up 15.3%; Dividend Declared

State Bank of India (SBI), the country’s largest public sector lender, on Friday reported a 41.2 per cent jump in its net profit to Rs 9,113.53 crore for the March 2022 quarter, compared with Rs 6,450.75 crore in the year-ago period. Its net interest income (NII) during January-March 2022 rose 15.26 per cent to Rs 31,198 crore, against Rs 27,067 crore in the year-ago period.

On a quarterly basis, the state-owned bank’s profit grew eight per cent as compared with Rs 8,432 crore in the December 2021 quarter. Sequentially, its NII increased 1.6 per cent, from Rs 30,687 crore in the preceding quarter.

“The bank has registered its highest quarterly net profit of Rs 9,114 crore in Q4FY22, witnessing a growth of 41.28 per cent y-o-y (year-on-year). Net profit for FY22 grew by 55.19 per cent y-o-y to Rs 31,676 crore,” State Bank of India said in a statement.

The bank’s operating profit for the March 2022 quarter stood at Rs 19,717 crore; while for FY22, it grew 5.22 per cent year-on-year to Rs 75,292 crore.

State Bank of India has also declared an interim dividend of Rs 7.10 per equity share. “The central board of the bank, at its meeting held on May 13, 2022, has declared a dividend of Rs 7.10 per equity share for the financial year ended March 31, 2022,” the lender said in a BSE filing on Friday.

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It said the date of payment of the dividend is fixed on June 10 and the dividend warrants will be dispatched before the date of payment, which will be payable, in India, at par at all branches of State Bank of India, irrespective of the amount.

Its return on equity (RoE) at the end of FY22 stood at 13.92 per cent, which is higher by 398 basis points (bps) year-on-year, SBI said.

SBI sees improvement in asset quality on a quarterly basis. The bank’s gross non-performing assets ratio during the March 2022 quarter fell to 3.97 per cent, compared with 4.5 per cent in the preceding quarter. The GNPA ratio at the end of the March 2021 quarter had stood at 4.98 per cent.

The bank’s net NPA ratio also fell to 1.02 per cent, against 1.34 per cent a quarter ago. It had stood at 1.5 per cent in the March 2021 quarter. Its capital adequacy ratio (CAR) at the end of the March 2022 quarter stood at 13.83 per cent.

In absolute terms, GNPAs at the end of the March 2022 quarter stood at Rs 1.12 lakh crore, compared with Rs 1.20 lakh crore in the previous quarter and Rs 1.26 lakh crore a year ago. Net NPAs were at Rs 27,965.71 crore in the quarter under review, Rs 34,539.68 crore in the previous quarter, and Rs 36,809.72 crore a year ago, according to the BSE filing.

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For the full financial year, SBI posted a 55.2 per cent jump to Rs 31,676 crore during 2021-22.

Its whole bank advances during the March 2022 quarter grew 11 per cent year-on-year. Domestic advances growth stood at 10.27 per cent year-on-year, primarily driven by growth in retail personal advances (15.11 per cent year-on-year). Foreign office advances grew 15.42 per cent year-on-year. The bank’s retail portfolio has crossed Rs 10 lakh crore, it said.

Its total deposits were up by 10.06 per cent year-on-year. “Saving bank deposits grew 10.45 per cent YoY, while term deposit grew 11.54 per cent YoY,” SBI said. CASA (current account-saving account) deposit jumped 7.78 per cent year-on-year, with a CASA ratio of 45.28 per cent as on March 31, 2022.

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