SBI Q3 Net Profit Surges 68% To Record High, Above Estimates
Premium- SBI shares closed more than 3% to ₹544 apiece on the BSE on Friday
India's biggest bank State Bank of India (SBI) on Friday reported a 68% rise in its net profit to a record high of ₹14,205 crore during the third quarter ended December 2022 as compared to ₹crore in the year-ago quarter. Analysts on average had expected a profit of ₹13,101 crore, according to Refinitiv IBES data.
Meanwhile, its net interest income (NII), which is the difference between interest earned and expended, rose 24% to ₹38,068 crore from ₹30,687 crore year-on-year (YoY). Domestic net interest margin (NIM) for Q3FY23 increased by 29 bps YoY to 3.69%.
The Mumbai-based lender's asset quality improved as gross bad loans as a ratio of total loans eased to 3.14% from 3.52% a quarter earlier. Its net NPA stood at 0.77% as compared to 0.80% quarter-on-quarter (QoQ). The provisions and contingencies slipped to ₹5,760 crore versus ₹3,038 crore QoQ and ₹6,974 crore YoY.
Provision Coverage Ratio without AUCA as on December 3L,2022 is 76.12% (PCR with AUCA is 97.52%. AUCA represents fully provided accounts which over the previous/current years have been transferred to a separate head called Advance Under Collection Account.
Other highlights:
Credit growth at 17.60% YoY with Domestic Advances growing by 16.91% YoY
Slippage Ratio for Q3FY23 stands at 0.41%. Credit Cost for Q3FY23 at 0.21%; improved by 28 bps YoY.
Capital Adequacy Ratio (CAR) as at the end of Q3FY23 stands at 13.27%.
Shares of SBI surged more than 3% to ₹544 apiece on the BSE on Friday, ahead of Q3 results. The bank stock is more than 3% in a year's period.
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