SBI Q2 FY22 Results: Profit jumps 67%, NII up 29%; assets quality improves
India’s largest lender State Bank of India (SBI) reported robust earnings during the July-September quarter of the financial year 2021-22. Along with the bank's profit and net interest income (NII), asset quality improves too during the quarter.
India’s largest lender State Bank of India (SBI) reported robust earnings during the July-September quarter of the financial year 2021-22. Along with the bank's profit and net interest income (NII), asset quality improves too during the quarter.
The bank's profit during Q2 jumped 66.7 per cent to Rs 7,626.6 crore as compared to Rs 4,574.2 crore in the same quarter a year-ago period. While its NII surged 29 per cent to Rs 31,183.9 crore during the quarter, as compared to Rs 24,181.5 crore in the same quarter a year ago.
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In percentage terms, the gross non-performing asset (NPA) down 42 basis points (bps) to 4.9 per cent from 5.32 per cent quarter-on-quarter (QoQ), while net NPA down 25 bps to 1.52 per cent from 1.77 per cent sequentially; even provisions slipped by over 46 per cent QoQ to Rs 2699.3 crore.
Sequentially, the provision coverage ratio (PCR) came at 87.68 per cent as compared to 85.93 per cent QoQ; recovery and upgradation stood at Rs 7,407 crore from Rs 4,969 crore. Similarly, domestic net interest margin came at 3.5 per cent, the highest in 6 years; while slippages stood at Rs 4292 crore in Q2.
The bank in its result statement said, “ln Covid-19 situation, SBI geared up to meet the challenges and has evaluated the situation on an ongoing basis. it has proactively provided against the challenges of likely stress on the assets. The management is not expecting any significant impact on Bank's liquidity or profitability on the basis of above-mentioned assessment.”
“During the quarter, the bank has utilised an amount of Rs 2,884 crore for making specific provisions against stressed assets. The total provision for COVID-L9 uncertainty as of September 30, 2021, stands at Rs 6,181 crore,” the state-run bank said in a statement.
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