Q2 : SBI reports highest ever quarterly net profit of Rs.7627 crore

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New Delhi: State Bank of India, India’s biggest lender, on Wednesday reported 67% growth in quarterly net profit at Rs.7627 crore, compared to a net profit of Rs 4,574 crore in the corresponding quarter of previous fiscal.

SBI’s strong bottom-line growth was supported by double-digit growth in its net interest income (NII) and higher net interest margin (NIM), the bank said in a statement. Meanwhile, its asset quality also improved both sequentially and on an annual basis.

Total Deposits of the bank grew at 9.77% YoY. Current Account Deposits grew by 19.20% YoY and Saving Bank Deposits grew by 10.55% YoY.  Whole Bank Advances grew by 6.17% YoY, mainly driven by Personal Retail Advances (15.17% YoY) and Foreign Office Advances (16.18% YoY). Domestic Advances Growth stood at 4.61% YoY. Home loan, which constitutes 24% of Bank’s domestic advances, has grown by 10.74% YoY.

Net NPA ratio at 1.52% is down 7 bps YoY. Gross NPA ratio at 4.90% is down 38 bps YoY.

Capital Adequacy Ratio (CAR) as at the end of Q2FY22 stands at 13.35% even without including H1FY22 Profit. If we add profit of H1FY22, the ratio will improve by 61 bps. Return on Assets (RoA) as at the end of Q2FY22 stands at 0.61%, which is higher by 18 bps YoY.  Return on Equity (RoE) as at the end of Q2FY22 stands at 13.17% which is higher by 423 bps YoY.

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