India’s largest lender State Bank of India on Saturday reported strong second-quarter earnings for the financial year 2022-23 (Q2FY23) as both profit and net interest income (NII) reported double-digit year-on-year growth, similarly, the asset quality of the bank improved during the quarter.
SBI’s profit grew almost 74 per cent YoY at Rs 13,264 crore in the July-September quarter for FY23 as compared to Rs 7,626 crore in the corresponding quarter of the earlier fiscal, while the net interest income up by nearly 13 per cent YoY at Rs 35,183 crore in Q2FY23 against Rs 31,183 crore in Q2FY22.
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Sequentially, the state-owned bank’s asset quality improves as gross NPA (non-performing assets) declined by 3.52 per cent from 3.91 per cent and net NPA dipped by 0.8 per cent from 1 per cent during the July-September quarter of FY23.
Provision Coverage Ratio without AUCA as on September 30, 2022, is at 77.93 per cent (PCR with AUCA is at 91.54 per cent, SBI said in the exchange filing. AUCA represents Accounts that have been fully provided for and transferred to a separate head called Advance under Collection Account.
It also said that the Bank has not acquired any stressed loan during Q2FY23.
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Highlights
SBI deposits stood at ₹41,90,255 crore, nearly up 10 per cent YoY
SBI’s slippage ratio stood at 0.33 as of September-end quarter from 1.38 quarter-on-quarter and at 0.66 YoY
SBI’s credit growth came at 19.93 per cent YoY with domestic advances growing by 18.15 per cent YoY. It reported foreign offices’ advances growth of 30.14 per cent YoY.
SBI registered SME and agriculture loans YoY growth of 13.24 per cent and 11 per cent respectively.
