State Bank’s profit up 41 per cent to Rs 9,114 crore
New Delhi, May 13 (H.S.). The country’s largest State Bank of India (SBI) has announced its fourth quarter results. SBI’s profit jumped 41 per cent year-on-year to Rs 9,114 crore in the fourth quarter ended March 31 (January-March), as against a profit of Rs 6,451 crore in the same quarter of the financial year 2020-21. The bank gave this information to the stock market on Friday.
Public sector bank SBI said in a statement to the stock market that in the fourth quarter of the financial year 2021-22, the total income of the bank increased marginally to Rs 82,613 crore as against Rs 81,327 crore in the same period of the previous financial year. With this, the bank’s consolidated net profit grew 56 per cent to Rs 9,549 crore as against Rs 6,126 crore in the fourth quarter of the previous fiscal.
SBI said in a statement that the bank’s profit has increased in the fourth quarter due to reduction in bad loans. According to the bank, the bank’s single profit during the financial year 2021-22 has increased by 55 per cent to Rs 31,676 crore as against Rs 20,410 crore in the previous financial year. The board of directors of the bank has recommended a dividend of Rs 7.10 per share for the financial year ended March 31, 2022.
Further, in terms of asset quality, the gross non-performing assets (NPAs) of State Bank have come down to 3.97 per cent of gross advances as on March 31, 2022, from 4.98 per cent in the corresponding period of the previous financial year. At the same time, the net NPA or bad loans of the bank has come down to 1.02 percent, which was 1.50 percent in the last financial year.