Team News Riveting
Mumbai, August 4
State Bank of India (SBI), country’s largest public sector lender, on Wednesday reported a 55.3 per cent rise in its first quarter (Q1) net profit of Rs 6,504 crore as compared to Rs 4,189 crore in the same quarter last year.
The bank’s net interest income, the difference between interest earned and expended, witnessed a growth of 3.7 per cent at Rs 27,638 crore as against Rs 26,641 crore year-on-year (YoY).
On asset quality front, the gross non-performing asset (NPA) stood at 5.32 per cent versus 4.98 per cent on a sequential basis whereas the net NPA came at 1.77 per cent against 1.50 per cent quarter-on-quarter (QoQ). The provisions and contingencies dipped to Rs 10,052 crore from Rs 11,150 crore QoQ and Rs 12,501 crore YoY.
While the total deposits grew at 8.82 per cent (YoY), bank’s current account deposits grew by 11.75 per cent (YoY) and saving bank deposits grew by 10.55 per cent (YoY).
The domestic credit growth stood at 5.64 per cent (YoY), mainly driven by Retail (Personal) Advances (16.47 per cent YoY), Agri Advances (2.48 per cent YoY) and SME (2.01 per cent YoY). Home loan, which constitutes 23 per cent of Bank’s domestic advances, has grown by 10.98 per cent (YoY).
SBI joined the elite club of companies with Rs 4-trillion market capitalization (m-cap) on the BSE on Wednesday after its share price hit a new high of Rs 448.45 in the intra-day trade. The stock of the country’s largest state-owned lender surpassed its previous high of Rs 444.35, touched on July 30, 2021.
