SBI’s quarterly profit jumps 83% to Rs 16,695 crore

[ad_1]

The country’s top lender State Bank of India (SBI) reported Rs. 16,694.51 crore has shown a net profit. Which in the same period last year was Rs. 9,113.53 crore against a profit of Rs 83 per cent, showing a jump of 83 per cent. The company has been able to register higher profit due to higher interest income and lower provisioning. During the March quarter of 2022-23, the bank’s interest income increased by 31 percent to Rs. 92,951 crore, SBI said in a regulatory filing.

The bank’s bad loans and contingencies fell to Rs. 3,315.71 crores. Which in the March quarter last year was Rs. 7,237.45 crores. SBI’s net profit for the full 2022-23 financial year rises 59 per cent to Rs. 50,232.45 crores. Which was Rs. 31,675.98 crores. The asset quality of the bank has improved. In 2022-23, SBI’s gross NPAs are expected to come down to Rs. 90,027 crores. Which was Rs. 1. 12 lakh crores. Looking at the percentage, it has come down from 3.97 per cent to 2.78 per cent. Net NPA of the bank Rs. 28,470 crore, down from Rs. 24,098 crores. The Corporate & Wholesale Banking business of the Bank stood at Rs. 19,825 crore increased from Rs. 29,505 crore was seen. While retail banking business Rs. 38,075 crore increased from Rs. 48,091 crores. This also includes digital banking. SBI 1,130 cent articles per share at Rs. Dividend of 11.30 was declared. 130 per cent article per share at Rs. Dividend of 11.30 was declared. 130 per cent article per share at Rs. Dividend of 11.30 was declared.