SBI Q1 Results 2022: State Bank of India net profit falls 6.7% YoY to Rs 6,068.08 cr; net NPAs decline to 1.02%

SBI Q1 Results 2022 Highlights: The State Bank of India has reported marginal decline in net profit on year-on-year basis (YoY) to Rs 6.068.08 crore in the quarter ended June 2022. The bank had reported a net profit of Rs 6504 crore in the corresponding quarter of the previous fiscal.  

However, the leading public sector bank witnessed a massive decline in net profit on Quarter-on Quarter basis as the SBI had reported 9,113.53 crore profit in the previous quarter ended on March 31, 2022.

Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23, as against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.

The bank's gross non-performing assets (NPA) ratio improved to 3.91 per cent from 5.32 per cent at June-end last year.
Similarly, net NPAs declined to 1.02 per cent in June 2022 from 1.7 per cent a year ago.

On a consolidated basis, SBI's net profit fell marginally to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter a year ago. 

Gross advances of the bank showed a good growth 14.93 per cent driven by retail personal advances, out of which home loans grew by 13.77 per cent. In absolute terms, the bank reported a gross advances of Rs 29 lakh crore, as against Rs 25 lakh crore in the same quarter last year.

Corporate loan book grew by 10.57 per cent, SME and Agri loans have also registered 10.01 per cent and 9.82 per cent on-year growth, respectively.

Deposit grew 8.73 per cent to Rs 40 lakh crore. CASA ratio of the bank fell 64 basis points to 45.33 per cent as on June 30. Wholesale bank deposit rises 8.73 per cent on-year.