SBI Q4 profit jumps 41% to ₹9,114 cr on fall in bad loans

The country's largest lender SBI on Friday reported a 41% surge in standalone net profit at ₹9,114 crore for the fourth quarter ended March 2022, helped by decline in bad loans.

State Bank of India (SBI) had registered a profit of ₹6,451 crore during January-March period of 2020-21, the lender said in a regulatory filing.

Total income of the bank during the March quarter increased marginally to ₹82,613 crore, from ₹81,327 crore in the same period of the previous fiscal.

On a consolidated basis, the bank reported a 56% increase in net profit at ₹9,549 crore, compared to ₹6,126 crore in the fourth quarter of the previous fiscal.

With regard to asset quality, gross non-performing assets (NPAs) of the bank declined to 3.97% of gross advances as on March 31, 2022, as against 4.98% by the same period of 2021.

Net NPA or bad loans too came down to 1.02% as on March 31, 2022 from 1.50% in the year-ago period.

For the entire financial year 2021-22, the bank reported a 55% rise in standalone profit at ₹31,676 crore, from ₹20,410 crore in the previous financial year.

The board has recommended a dividend of ₹7.10 per share or 710% on the face value for the financial year ended March 31, 2022.

Shares of SBI were trading at ₹467.85 per unit, up 1.17% on BSE, shortly after the quarterly numbers were announced.