Jobaaj Stories
India's largest public sector bank, State Bank of India (SBI), has reported a massive 74% YoY surge in profits for the quarter that ended in September 2022.
The bank's net interest income, the main source of income for any bank, came in at Rs 35,183 crores, up 12.83% YoY and 12.8% QoQ. The net interest margin showed marginal improvement as it climbed to 3.55%. Total income grew 14% to Rs 88,734 crores.
Tata power q2 results are live, read more.
Its Operating profit stood at Rs 21,120 crores, growing 12.82% YoY. On the net profit front, the bank reported a net profit of Rs 13,265 crores which was its highest quarterly profit ever. It grew 74% YoY as profit for the corresponding period in the previous year stood at Rs 7,627 crores.
The bank saw a credit growth of 19.93% as NPAs eased during the quarter. Gross NPAs and Net NPAs declined to 3.52% and 0.8% respectively.
Deposits grew 10% YoY to reach Rs 41.9 lakh crores during the quarter while provisions declined 25.5% to Rs 2,011 crores.
The stock of SBI breached the Rs 600 mark for the first time ever after the announcement of the results. It currently trades at around Rs 614.6 per share.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
