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SBI’s Q2 net profit increases by 74% to Rs 13,265 cr on improved interest margins

New Delhi: In the July-September quarter of Q2FY23, State Bank of India’s net profit increased by 73.93% year over year (YoY) to Rs 13,265 crore due to improved interest margins and a decrease in provisions for bad loans.

The biggest lender in the nation reported a net profit of Rs 7,627 billion in Q2FY22. On the BSE, the bank’s stock rose 1.53 percent on Friday to close at Rs 593.75 per share.

In comparison to Q2 FY22, net interest income increased 12.83% YoY to Rs 35,183 crore from Rs 31,184 crore. It climbed 12.78% from Rs 31,196 crore in Q1FY23 on a sequential basis.

The bank’s Net Interest Margin (NIM) for domestic operations increased to 3.55 % from 3.50 % in Q2 FY22. It increased sequentially by 5 basis points from 3.23 percent in Q1FY23.

In Q2FY23, loan loss provisions decreased by 25.5% to Rs 2,011 crore from Rs 2,699 crore in the same quarter last year. Provisions decreased sequentially from Rs 4,268 crore in Q1FY23.

From Rs 25.30 trillion in Q2FY22 to Rs 30.35 trillion in Q2FY23, SBI’s advances increased by 19.93% YoY.

From Rs. 38.09 trillion in Q2FY22 to Rs. 41.9 trillion in Q2FY23, its deposits increased by 9.99 percent YoY. From a base of Rs 40.45 trillion in June 2022, the deposit book increased.

Gross non-performing assets (NPAs) decreased from 4.9 percent a year earlier to 3.52 percent in Q2FY23, reflecting an improvement in its asset quality profile. 3.91 percent of GNPAs were present as of June 2022. (Q1FY23).

At the end of the second quarter of fiscal year 23, the net NPA ratio was 0.80%, down from 1.52%% a year earlier and 1.00% in the first quarter.

In comparison to 87.68% a year ago and 90.14% in Q1FY23, the provision coverage ratio for bad loans was 91.54 percent in Q2FY23.

The bank’s overall capital adequacy ratio as of September 30 was 13.51 percent, up from 13.35 percent a year earlier and 13.43 percent in Q1FY23.

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