SBI Q4 profit up 41 per cent at Rs 9,114 crore
State Bank of India (SBI) reported a 41 per cent increase in its standalone net profit to Rs 9,114 crore for the fourth quarter ended March 2022 due to reduction in bad loans.
SBI told the stock exchanges that in the January-March quarter of 2020-21, the bank had a profit of Rs 6,451 crore. The bank’s total income grew marginally to Rs 82,613 crore in the March quarter as against Rs 81,327 crore in the same period last fiscal, it said.
The bank’s consolidated net profit grew by 56 per cent to Rs 9,549 crore as against Rs 6,126 crore in the fourth quarter of the previous fiscal.
In terms of asset quality, the bank’s gross non-performing assets (NPAs) as of March 31, 2022, have come down to 3.97 per cent of gross advances. It was 4.98 per cent in the same period last year. Net NPAs or bad loans declined to 1.02 per cent from 1.50 per cent in the previous year.
For the full financial year 2021-22, the bank’s standalone profit grew 55 per cent to Rs 31,676 crore from Rs 20,410 crore in the previous year.
The board of directors of the bank has recommended a dividend of Rs 7.10 per share for the financial year ended March 31, 2022.
