Tag: profit grew

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. Read more

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. Read more