SBI Q4 result: Net profit rises 41% YoY
Published On: Friday, May 13, 2022 | By: Team KnowMyStock
The country’s biggest state-owned lender State Bank of India on Friday reported a 41.27 percent jump in standalone net profit for the quarter ending March at Rs 9,113.53 crore, up from Rs 6,450.75 crore in the same quarter a year ago, which was below Street's estimate of Rs 9,927.6 crore. The lender also announced a dividend of Rs 7.10 per share. The date of payment of the Dividend is fixed on June 10, 2022. SBI's profit grew 8 percent from Rs 8,432 crore in Q3FY22, driven primarily by a healthy increase in net interest income (NII).SBI's net interest income for the reported quarter came in at Rs 31,198 crore as against analysts' expectations of Rs 31,800 crore. This is 15.26 percent higher than Rs 27,067 crore the company announced last year.
The company said its provisions for bad loans came down to nearly a third of the level year ago. It kept aside Rs 3,262 crore during the quarter, compared to Rs 9,914 crore. Though the total provision for contingencies including those for bad loans stood at Rs 7,237 crore compared to Rs 11,051 crore.Meanwhile, SBI's asset quality improved on a sequential basis with gross non-performing assets (GNPA) standing at Rs 1.12 trillion as against Rs 1.2 trillion in Q3FY22. Net NPA, too, slipped to Rs 27,966 crore as against Rs 34,540 crore in the previous quarter.
The lender's operating profit was flat year-on-year and showed modest growth of 6.4 percent sequentially. This could be attributed to an increase in operating costs for the bank. The lender expects to reduce some of its costs in the coming quarter, chairman Dinesh Khara said in a press meeting post the release of the results.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
