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    Indian Largest Bank SBI’s Q1 Profit Jumps 55 Percent To Highest-Ever At $876.13 Million

    zenger.newsBy zenger.newsAugust 5, 2021No Comments3 Mins Read
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    MUMBAI, India — Indian Government-owned banking institution, State Bank of India (SBI), on Aug 3 reported its highest quarterly net profit of INR 6,504 crore ($876.13 million) in the April to June quarter, marking an increase of 55 percent in the year-ago period.

    Operating profit increased by 5 percent to INR 18,975 crore ($2.55 billion) in the first quarter of FY22 from INR 18,061 crore ($2.43 billion) in the first quarter of FY21. Net interest income increased by 3.7 percent year on year.

    On the other hand, non-interest income at INR 11,803 crore ($1.58 billion) grew by 24 percent, said the country’s largest lender in a statement.

    Total deposits grew at 8.82 percent to reach INR 37.2 lakh crore ($50.11 billion) in the first quarter of FY22 from INR 34.2 lakh crore ($46.07 billion) in the first quarter of FY21. While current account deposits grew by 11.75 percent, saving bank deposits grew by 10.55 percent.

    Domestic credit growth stood at 5.64 percent, mainly driven by retail customers. 

    Home loans, which constitute 23 percent of the bank’s domestic advances, moved up by 11 percent.

    SBI said the net non-performing asset ratio stood at 1.77 percent, down by nine basis points. The Gross non-performing asset ratio came at 5.32 percent, down 12 basis points.

    “Q4 to Q1: SBI — 390 to 467, Not bad after navigating through the Worst Covid-19 hit quarter! Just like Indian Bank, Union Bank, etc., NPAs have not deteriorated as feared. The bottom line turns out to be all-time best in the Covid-19 quarter,” tweeted economist Ganesh Kumar.

    The slippage ratio for the first quarter of FY22 is at 2.47 percent from 0.6 percent as at the end of the first quarter of FY21. Credit cost declined 77 basis points year-on-year to 0.79 percent.

    Cost to income ratio declined from 54.5 percent in the fourth quarter of FY21 to 51.89 percent in the first quarter of FY22 but increased by 187 basis points year-on-year, said State Bank of India.

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    The capital adequacy ratio improved by 26 basis points to 13.66 percent as of June 2021. Return on assets increased by 15 basis points to 0.57 percent in the first quarter of FY22 against 0.42 percent in the first quarter of FY21. 

    The share of Alternate Channels in total transactions has increased from 93 percent in the first quarter of FY21 to 95 percent in the first quarter of FY22.

    Return on equity increased by 357 basis points to 12.12 percent against 8.55 percent in the same period.

    (With inputs from ANI)

    Edited by Abinaya Vijayaraghavan and Praveen Pramod Tewari



    The post Indian Largest Bank SBI’s Q1 Profit Jumps 55 Percent To Highest-Ever At $876.13 Million appeared first on Zenger News.

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