SBI posts record quarterly profit of Rs 9,114 cr, misses Street estimates

State Bank of India (SBI), the country’s largest lender, on Friday reported its highest-ever quarterly net profit of Rs 9,114 crore for the January-March quarter (Q4FY22), rising 41.28 per cent compared with the same period last year.

The bank’s profit growth was mainly due to improvement in its net interest margins and a sharp decline in loan loss provisions. The net profit, however, missed analyst estimates of Rs 10,183 crore, according to Bloomberg. The bank also reported its highest-ever yearly net profit of Rs 31,676 crore in FY22, which was up 55 per cent from FY21.

The board of directors recommended a