SBI posts 83% jump in Q4 net profit, asset quality improves: Key takeaways from March quarter numbers
State Bank of India (SBI) – India’s largest lender in terms of assets – reported a stellar set of financial earnings for the January-March quarter of the financial year 2022-23 on Thursday, May 18.
State Bank of India (SBI) – India’s largest lender in terms of assets – reported a stellar set of financial earnings for the January-March quarter of the financial year 2022-23 on Thursday, May 18. The PSU bank reported higher-than-expected numbers during the quarter under review.
Below are the SBI Q4 earnings key takeaways:
PAT and NII: SBI reported an 83 per cent year-on-year (YoY) jump in its March quarter net profit at Rs 16,694.5 crore, while its net interest income (NII) surged almost 30 per cent YoY to Rs 40,392.5 crore during the fourth quarter of FY23.
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Asset quality: The asset quality of the state-run lender improved sequentially during the March 2023 quarter. The gross non-performing assets (NPA) of SBI eased to 2.78 per cent from 3.14 per cent in the December 2022 quarter, while net NPA improved to 0.67 per cent QoQ from 0.77 per cent
PCR Ratio: Provision Coverage Ratio (PCR) without AUCA as of March 31, 2023, stood at 76.39 per cent and PCR with AUCA came in at 91.91 per cent. AUCA represents fully provided accounts that over the previous/current years have been transferred to a separate head called Advance Under Collection Account.
Provisions and Slippages: SBI has made a provision of Rs 2,490 crore towards arrears of wages due for revision effective November 01, 2022. While the slippages of PSU bank stood at Rs 18,421 crore for the financial year gone by.
SBI Dividend 2023: SBI board has declared a dividend of Rs 11.30 per share, which comes to 1,130 per cent for the year ending March 31, 2023.
(This is a developing story)
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