State Bank of India (SBI) reported 73.93% jump in standalone net profit to Rs 13,264.52 crore on a 14.22% rise in total income to Rs 88,733.86 crore in Q2 FY23 over Q2 FY22.
Profit before tax in Q2 FY23 stood at Rs 18,081.35 crore, up by 72.7% from Rs 10,471.94 crore in Q2 FY22. Net Interest Income (NII) increased by 12.83% YoY to Rs 35,183 crore during the quarter. Net Interest Margin (domestic) was at 3.55% in Q2 FY23 as against 3.50% in Q2 FY22.Operating profit increased by 16.82% year on year to Rs 21,120 crore in the quarter ended 30 September 2022.
Provisions and contingencies (other than tax) were steeply higher to Rs 3,038.67 crore in Q2 FY23 from Rs 188.75 crore posted in Q2 FY22. Provision Coverage Ratio (PCR) improved by 788 bps YoY at 77.93%. PCR (Incl. AUCA) stands at 91.54%.
The bank's gross non-performing assets (NPAs) slipped to Rs 1,06,804 crore as on 30 September 2022 as against Rs 1,13,272 crore as on 30 June 2022 and Rs 1,23,942 crore as on 30 September 2021.
The ratio of gross NPAs to gross advances stood at 3.52% as on 30 September 2022 as against 3.91% as on 30 June 2022 and 4.90% as on 30 September 2021.
The ratio of net NPAs to net advances stood at 0.80% as on 30 September 2022 as against 1% as on 30 June 2022 and 1.52% as on 30 September 2021.
Total deposits grew nearly 10% to Rs 41,90,255 crore as on 30 September 2022 as against Rs 37,20,987 crore as on 30 September 2021. Whole Bank Deposits grew at 9.99% YoY, out of which CASA Deposit grew by 5.35% YoY. CASA ratio stood at 44.63% as on 30 September 2022.
The bank's credit growth stood at 19.93% YoY. Domestic advances grew at 18.15% YoY and Foreign Offices' advances rose by 30.14% YoY.
The bank's return on assets (ROA) for the quarter was at 1.04%, improved by 38 basis points YoY.
Capital adequacy ratio (CAR) as at the end of Q2 FY23 stood at 13.51%. Slippage ratio for Q2 FY23 was at 0.33%, improved by 33 bps YoY while credit cost improved by 15 bps YoY to 0.28%.
SBI is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2022, the Government of India held 57.52% stake in the bank.
The scrip rose 1.53% to end at Rs 593.75 on Friday on the BSE.
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