SBI Q4 net profit soars 41% to ₹9,113.53 crore
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State Bank of India, India's largest public sector lender, on Friday racked up a 41% year-on-year surge in net profit for the quarter ended March 2022.
Net profit of the largest state-run lender rose to ₹9,113.53 crore in the fourth quarter compared with ₹6,450.75 crore in the same quarter a year ago.
The bank's net interest income (NII) jumped 15% year-on-year to ₹31,198 crore in Q4 compared with ₹27,067 crore in the corresponding period last year.
SBI's gross non-performing asset (NPA) ratio stood at 3.97% at the end of the fourth quarter compared with 4.5% as of December 31, 2021. Net NPA ratio of the lender improved 32 basis points on a quarterly basis to 1.02%. Provisions for the quarter stood at ₹7,327 crore. Other income fell 27% to ₹11,880 crore.
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The board of SBI approved ₹7.10 per share dividend. The record date for the purpose is May 26, 2022.
Bandhan Bank Q4 profit soars 1,747%
Meanwhile, private lender Bandhan Bank's net profit jumped 1,747% to ₹1,902.3 crore in the fourth quarter from ₹103 crore in the corresponding period last year.
The private lender's net interest income (NII) for the quarter grew by 44.6% to ₹2,539.8 crore as against ₹1,757 crore in the corresponding quarter of the previous year. Non-interest income grew by 37.7% to ₹964.4 crore for the quarter ended March 31, 2022 against ₹700.4 crore in the corresponding quarter of the previous year.
Operating profit for the quarter increased by 53.5% to ₹2,521.3 crore against ₹1,642.8 crore in the corresponding quarter of the previous year. Net interest margin (annualised) for the quarter ended March 31, 2022 stood at 8.7% against 6.8% in March 31, 2021.
Total deposits increased by 23.5% to ₹96,330.6 crore as on March 31, 2022 as compared to ₹77,972.2 crore as on March 31, 2021. Gross NPAs as on March 31, 2022 is at ₹6,380.0 crore (6.46%) against ₹9,441.6 crore (10.81%) as on December 31, 2021.
Net NPAs as on March 31, 2022 stood at ₹1,564.2 crore (1.66%) against ₹2,413.1 crore (3.01%) as on December 31, 2021. During the quarter, the number of employees of the bank went up from 55,341 to 60,211.
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