Public sector bank SBI has reported a 41% jump in profits for the quarter ending in March 2022. The company announced its results during the second half of trading hours as the share declined 3.89% today.
The bank's profits for the quarter stood at Rs 9,113.5 crores, up 41% YoY from Rs 6,451 crores last year, but missed the Street estimate of Rs 9,927.6 crores. Irrespective of the fact that its profits could not reach the estimates, it is still the highest ever profit the bank has recorded in a quarter.
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The Net Interest Income of the bank surged 15.3% from Rs 27,067 crores to Rs 31,198 crores this quarter but fell short of analysts' estimates of Rs 31,800 crores. Non-Interest income slipped 27% YoY while the same jumped 37% QoQ.
The bank's provisions contracted to a third of its value from a year ago as provisions for the quarter came in at Rs 3,262 crores from Rs 9,914 crores last year. The asset quality of the bank saw significant improvement as the Gross NPAs came in at 3.97% while the Net NPAs were 1.02%.
The bank's loan book showed robust growth of 11% as both retail and corporate loans showed growth. Retail loans grew 15.1%, driven up by home loans while corporate loans grew 6.3%.
The Board of SBI has recommended a final dividend of Rs 7.10 per share for the year ended on 31st March 2022. The share opened well as it witnessed minimal movement in the early hours. It saw some upward movement after 13:00 today. However, after 13:45, the share faced immense selling pressure as it declined by 5.9%. The share closed today at Rs 444.65 per share.
Article by Aman Agarwal
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