SBI Q4 profit jumps 41% to INR 9114 crore on fall in bad loans

New Delhi, May 13 (PTI): The country’s largest lender SBI on Friday reported a 41 per cent surge in standalone net profit at INR 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 INR 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 INR 82,613 crore, from Rs 81,327 crore in the same period of the previous fiscal.

On a consolidated basis, the bank reported a 56 per cent increase in net profit at INR 9,549 crore, compared to INR 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 per cent of gross advances as on March 31, 2022, as against 4.98 per cent by the same period of 2021.

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

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

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

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