New Delhi: State Bank of India (SBI), the country’s largest public sector lender, on Friday (May 13) clocked a 41 per cent year-on-year (YoY) rise in net profit to Rs 9,113.5 crore for the fourth quarter ended March on fall in bad loans, the PTI reported.


However, the SBI result was below Street’s estimate of Rs 9,927.6 crore.


The bank’s board also recommended a dividend of Rs 7.10 per share for FY21-22.


“The central board of the bank, at its meeting held on May 13, 2022, has declared a dividend of Rs 7.10 per equity share (710 per cent) for the financial year ended March 31, 2022. The date of payment of dividend is fixed on June 10, 2022,” it said in a statement.


SBI’s net interest income (NII) for the reported quarter jumped 15.3 per cent YoY to Rs 31,198 crore as against analysts’ expectations of Rs 31,570 crore.


On a consolidated basis, the bank reported a 56 per cent rise in net profit at Rs 9,549 crore, compared to Rs 6,126 crore in the fourth quarter of the previous fiscal year.


The public sector lender witnessed a sequential improvement in its asset quality as gross non-performing assets (GNPAs) ratio dropped to 3.97 per cent from 4.98 per cent in the same period of 2021. Similarly, SBI’s net NPA ratio fell to 1.02 per cent in the reported quarter from 1.50 per cent in the previous quarter.


For the entire financial year 2021-22, SBI logged a 55 per cent rise in standalone profit at Rs 31,676 crore, from Rs 20,410 crore in the previous fiscal year.


Shares of SBI were trading at Rs 467.85 per unit, up 1.17 per cent on the BSE, shortly after the quarterly numbers were announced.