India Finance News

SBI Q4 Results: Net profit jumps 41% YoY but misses estimates – Economic Times

NEW DELHI: () on Friday reported a 41.27 per cent jump in standalone net profit for the quarter ending March at Rs 9,113.53 crore, up from Rs 6,450.75 crore in the same quarter a year ago. This is significantly lower that Rs 10,000 crore that an ET Now analyst poll had estimated.

The board of the lender approved Rs 7.10 per share dividend. The record date for the purpose is May 26, 2022.

SBI’s net interest income for the reported quarter came in at Rs 31,198 crore as against analysts’ expectations of Rs 31,800 crore. This is 15.26 per cent higher than Rs 27,067 crore the company announced last year.

The company said its provisions for bad loans came down to nearly a third of the level year ago. It kept aside Rs 3,262 crore during the quarter, compared to Rs 9,914 crore. Though the total provision for contingencies including those for bad loans stood at Rs 7,237 crore compared to Rs 11,051 crore.

Gross non-performing assets (NPAs) were at 3.97 per cent of the total assets, down from 4.50 sequentially and 4.98 per cent year-on-year. Net NPA stood at 1.02 per cent compared to 1.34 per cent and 1.50 per cent, respectively.

The lender said its Basel III Capital Adequacy Ratio (CAR) improved to 13.83 per cent, compared to 13.23 per cent at the end of December quarter, and 13.74 per cent in the year ago quarter.

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