SBI Q2 profits jumps 67 percent to ₹ 7,627 Crore
Published On: Wednesday, November 3, 2021 | By: Team KnowMyStock
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 67 percent year-on-year (YoY) jump in net profit at Rs 7,627 crore in the July-September quarter (Q2FY22), with easing asset quality pressure and fall in provisions & credit cost.SBI's net profit in the second quarter of the current financial year jumped 67 percent to ₹ 7,627 crores from ₹ 4,574.16 crores during the same quarter last year. The bank's earnings were better than estimates as analysts polled by Reuters expected SBI to report a net profit of ₹ 7,182 crores.Net interest income of the lender jumped 10.6 percent YoY to Rs 31,184 crore during the quarter under review. The domestic net interest margin of the lender stood at 3.50 percent in Q2FY22, up 16 bps YoY.SBI has incurred an exceptional item during the second quarter after it fully provisioned ₹7,418 crores on account of a change in family pension rules, even as the regulator granted dispensation to amortize in 5 years.
SBI's operating profit increased by 9.84% year-on-year to ₹18,079 crores in the second quarter from ₹16,460 crores in the last year period. Asset quality of the lender improved on both sequential and annual basis as gross NPAs stood at 4.9 percent at the end of September quarter as compared to 5.32 percent in the preceding quarter and 5.28 percent in the year-ago period. Net NPAs also came in lower at 1.52 percent.Total deposits during the quarter grew at 9.77 percent YoY to Rs 38.09 lakh crore.
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