SBI Q4 PAT up 83% to ₹16,695 crore, annual profit surged to ₹50,232 crore
The Hindu
State Bank of India (SBI) reported that its fourth quarter net profit grew 83.18% to ₹16,695 crore from the same quarter last year due to improvement in asset quality and credit growth.
State Bank of India (SBI) reported that its fourth quarter net profit grew 83.18% to ₹16,695 crore from the same quarter last year due to improvement in asset quality and credit growth.
Operating profit for Q4FY23 grew by 24.87% year over year to ₹24,621 crore. The bank’s Net Interest Income (NII) for the quarter increased 29.47% to ₹40,393 crore while its domestic Net Interest Margin (NIM) increased by 44 bps YoY to 3.84% during the quarter.
India’s largest bank’s net profit for FY23 crossed the ₹50,000 crore mark and stood at ₹50,232 crore, up 58.58% from last year. Operating profit for FY23 grew by 11.18% YoY to ₹83,713 crore. NII for FY23 was at ₹1,44,841 crore, marking a rise of 19.99% YoY. Domestic NIM for FY23 increased by 22 bps YoY to 3.58%.
Despite the raising of interest rates by the RBI to curb rising inflation, SBI Chairman Dinesh Khara said, “Credit growth has continued to grow at double digit. We expect credit growth to continue in this financial year as well.”
The bank reported credit growth of 15.99% YoY with Domestic Advances growing by 15.38% YoY.
While foreign offices’ advances grew by 19.55% YoY, the growth in domestic advances was driven by Retail Personal Advances (17.64% YoY) followed by SME Advances which grew by 17.59% YoY, Mr. Khara said.
The bank said it’s ‘Xpress Credit’ loans crossed ₹3 lakh crore. It said Agri and Corporate loans registered YoY growth of 13.31% and 12.52% respectively.