SBI Q1 Result: Profit Rises Over Twofold To Rs 16,884 Crore On Decline In Bad Loans
SBI's total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago
State Bank of India (SBI), the country's largest bank, on Friday posted over twofold jump in standalone net profit at Rs 16,884 crore for the first quarter (Q1) of the current financial year on decline in bad loans and improvement in interest income. SBI had clocked a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.
SBI's total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing. During the quarter, the bank earned interest income of Rs 95,975 crore, as against Rs 72,676 crore in the same period a year ago.
The public sector lender's gross non-performing assets (NPA) of the total advances fell to 2.76 per cent at June-end from 3.91 per cent a year ago. Similarly, net NPAs also eased to 0.71 per cent in June 2023, as against 1 per cent a year ago. On a consolidated basis, SBI's net profit also rose over twofold to Rs 18,537 crore, as against Rs 7,325 crore in the same quarter a year ago. The total income increased to Rs 1,32,333 crore in the quarter under review, as compared to Rs 94,524 crore in the first quarter of the previous fiscal year.
During the quarter, the bank infused Rs 489.67 crore in its non-life insurance venture SBI General Insurance, it said, adding Rs 82.16 crore was infused in eight Regional Rural Banks (RRBs).
The bank showed credit growth of 13.90 per cent with domestic advances growing at 15.08 per cent. Retail personal advances grew to Rs 12.04 lakh crore from Rs 10.34 lakh crore. Lending to agriculture grew to 2.64 lakh crore from Rs 2.29 lakh crore. Corporate sector lending grew to Rs 9.82 lakh crore from Rs 8.74 lakh crore last year. Lending to small and medium sized enterprises (SME) grew to Rs 3.69 lakh crore from Rs 3.12 lakh crore. Provisions of the lender stood at Rs 2,501 crore, compared to Rs 4,392 crore last year.
Shares of SBI closed at Rs 573.25 apeice, down 2.94 per cent, on the BSE on Friday.
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