SBI Outcome: State Bank of India (SBI), a public company, has experienced a setback. In fact, the bank’s net profit on a single basis decreased by 7% in the first quarter of the current fiscal year. This brings the total to Rs 6068 crore. Additionally, the State Bank of India’s income has declined, which has resulted in a decline in the bank’s profit. SBI reported that it had a net profit of Rs 6,504 crore in the April-June quarter of the previous year in the information provided to the stock exchanges. SBI’s net profit, however, decreased slightly on a consolidated basis to Rs 7,325.11 crore. From April through June of the previous year, it was Rs 7,379.91 crore. Between April and June of 2021 and April and June of 2022, the bank’s total revenue increased from Rs 93,266.94 crore to Rs 94.524.30 crore.
SBI, reportedly the biggest bank in the nation, had a decline in income. SBI reported that its standalone income dropped from Rs 77,347.17 crore in the same quarter last year to Rs 74,998.57 crore in the first quarter of FY 2022-23. Additionally, the bank’s operating profit decreased by 33% from Rs 18,975 crore in the same quarter last year to Rs 12,753 crore this quarter.
Although interest income grew, interest income did. The bank’s interest income climbed to Rs 72,676 crore from Rs 65,564 crore the year before. As a result, the net interest income climbed as well, rising to Rs 31,196 crore from Rs 27,638 crore the year before. The bank’s net interest margin increased from 3.15 percent to 3.23 percent in the reviewed quarter.
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NPA occurred frequently, however the bank’s gross non-performing assets (NPA) ratio decreased from 5.32 percent the year before to 3.91 percent in the quarter under consideration. In a similar vein, net NPAs also decreased from 1.7% in the June quarter of the previous year to 1.02 % in June 2022. As a result, the provision for bad loans, which was at Rs 4,268 crore, was lowered. It was Rs 5,030 crore the year before.
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