SBI Q2 profit surges 74 pc; post quarterly profit at Rs 13,265 cr

NEW DELHI: State Bank of India (SBI) on Saturday said its standalone profit jumped 74 percent to Rs 13,265 crore, registering the highest-ever quarterly profit, in the second quarter of FY23, aided by lower bad loans and higher interest income.

The country's largest lender had earned a profit of Rs 7,627 crore in the same quarter a year ago.

The public sector lender's total income increased to Rs 88,734 crore during the quarter under review from Rs 77,689.09 crore in the July-September quarter of last fiscal.

The Net Interest Income (NII) during the period increased by 13 percent to Rs 35,183 crore from Rs 31,184 crore in the same quarter a year ago.

Domestic Net Interest Margin improved to 3.55 percent in the reporting quarter as against 3.50 earlier.

The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 3.52 percent of the gross advances as on September 30, 2022, from 4.90 percent a year ago.

Net NPAs or bad loans too declined to 0.80 percent of the advances from 1.52 percent in the year-ago period.

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.

During the quarter, the operating profit witnessed a jump of 17 percent to Rs 21,120 crore as compared to Rs 18,079 crore.

Capital Adequacy Ratio (CAR) at the end of Q2FY23 improved to 13.51 percent from 13.35 percent at the end of the same period previous fiscal.

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