SBI results: Net profit up 83% to ₹16,694 crore in Q4FY23, bank to pay ₹11.30 per share dividend
State Bank of India (SBI) declared its Q4FY23 i.e. fourth quarter (January-March) results on 18 May. The bank’s net profit rose 83.18% year-on-year (YoY) to Rs 16,694.51 crore in the March quarter.
The bank had posted a profit of Rs 9,113.53 crore in the same quarter last year. On the other hand, the net profit of the bank has increased by 17.52% on a quarterly basis. The board of SBI has also declared a dividend of Rs 11.30 per share. The payment date of dividend has been fixed as June 14.
Interest income was 92,951 crores
SBI’s interest income grew 31% to Rs 92,951.06 crore in Q4FY23, as against Rs 70,733.25 crore in the year-ago quarter. The Net NPA ratio of the bank improved to 0.67% from 0.77% QoQ and 1.02% YoY. In the last quarter, the bank’s provisioning in lieu of NPAs decreased by 54% to Rs 3,315.71 crore.
SBI share fell 1.70% after the result
Over the past few years, the bank has improved its balance sheet due to better credit growth, bad loan (NPA) recoveries and write-offs. After the result, SBI shares fell 1.70% i.e. Rs 9.95 to close at Rs 576.35 on Thursday.
Profits of all other big banks increased except one
As per the results for the March quarter so far, profits of almost all the big banks either showed growth or remained largely stable. Only Axis Bank posted losses as it acquired Citibank India’s consumer business in early March.
