New Delhi: The country’s largest public sector lender State Bank of India (SBI) recorded its highest ever quarterly net profits with Rs 16,694 crore on May 18 for quarter fourth of the financial year 2022-23, achieving a hike of 83 per cent from the year-ago period.

SBI gained standalone profits of Rs 16,694.51 crore against Rs 9,113.53 crore in the same quarter a year back. With this huge rise in profits, the board announced a dividend of Rs 11.30 per equity share. The dividend will be distributed on June 14.

The public sector lender earned a net interest income of Rs 40,392.50 crore, rising 29.5 per cent from Rs 31,197 crore during the same period last year.

As per the Moneycontrol poll of brokerages, SBI’s profits were anticipated to be up by 68 per cent over the last year, whereas, net interest income (NII) was expected to hike by 25.8 per cent.

Bank’s financials

Bank’s return on assets (ROA) and return on equity (ROE) for the financial year 2023 were at 0.96 per cent and 19.43 per cent. However, return on assets (ROA) which was at 1.23 per cent for the quarter got better by 49 basis points YoY.

SBI’s domestic net interest margin (NIM) for the March quarter in FY23 rose by 44 basis points YoY to 3.84 per cent.

As per the bank, its Gross NPA ratio stood at 2.78 per cent down by 119 bps YoY. The net NPA ratio was at 0.67 per cent, down by 35 bps YoY. Bank’s Provision Coverage Ratio (PCR) was at 76.39 per cent, which improved from 135 bps.

SBI’s slippage ratio for the financial year 2023 got better by 34 bps YoY and was at 0.65 per cent, while the slippage ratio for Q4FY23 was at 0.41 per cent.

SBI stock was trading at 1.07% lower at Rs 580 per share on NSE on Thursday.