The country’s largest lender State Bank of India (SBI) reported its highest ever quarterly net profit of Rs. 9,114 crore, marking an annual increase of 41 per cent from Rs. 6,451 crore during the same period last year. Sharp jump in profit came on the back of lower provisioning for bad loans during the quarter as its provisions for bad loans fell 67 per cent to Rs. 3,262 crore versus Rs. 9,914 crore in the year ago period.

SBI’s operating profit for last financial year grew by 5.22 per cent year-on-year (YoY) to Rs. 75,292 crore; while operating profit in March quarter came in at Rs. 19,717 crore.

SBI’s net interest income or the difference between interest earned on loans and paid on deposits advanced 15 per cent to Rs. 31,120 crore compared with Rs. 27,067 crore in the same period last year. Its asset quality saw an improvement as its gross non-performing assets, as a percentage of total advances, improved to 3.97 per cent from 4.5 per cent in the previous quarter, net NPAs came in at 1.02 per cent versus 1.34 per cent. Gross NPAs in absolute term were Rs. 1,12,023.37 crore as against Rs. 1,20,028.77 crore in the previous quarter.

Total deposits grew at 10.06 per cent (YoY). Saving bank deposits grew by 10.45 per cent annually while term deposit grew by 11.54 per cent.

SBI registered credit growth of 11 per cent for financial year 2022 led by strong growth in retail and corporate loans. Its portfolio of retail and personal loans crossed Rs. 10 lakh crore mark. SBI disbursed home loans worth Rs. 5.61 lakh crore and auto loans worth Rs. 79,148 crore. Its shares traded 2.14 per cent higher at Rs. 472 after the earnings announcement, outperforming the Sensex which was up 1.5 per cent.