SBI Q4 results: Net profit rises 41% to Rs 9,113 cr, dividend of Rs 7.10 declared

India's largest public sector lender State Bank of India (SBI) on Friday reported a 41.2 per cent jump in its standalone net profit at Rs 9,113.53 crore for the fourth quarter ended 31 March, 2022. The lender had posted a net profit of Rs 6,450.75 crore in the year-ago period. With this, the bank has registered its highest quarterly net profit in Q4FY22.

Net profit for the year FY22 grew by 55.19 per cent YoY to Rs 31,676 crore.

Income from interest on loans rose 8.6 per cent, while provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said.

SBI's net interest income (NII) for the quarter grew 15.3 per cent at Rs  31,198 crore from Rs 27,067 crore. Domestic net interest margin (NIM) increased by 29 bps YoY at 3.40 per cent.

Operating profit for FY22 grew by 5.22 per cent YoY to Rs 75,292 crore; while for Q4FY22 it came at Rs. 19,717 crore.

Further, SBI's gross slippages came at Rs 3,606 crore.

The bank also mentioned that its retail portfolio crossed Rs 10 lakh crore in the financial year ending March, 2022.

On the asset quality front, the bank's Gross NPA ratio was down by 101 bps YoY at 3.97 per cent, while Net NPA ratio down by 48 bps YoY at 1.02 per cent.

SBI's whole bank advances grew by 11 per cent. Domestic advances growth stood at 10.27 per cent primarily driven by growth in retail personal advances (15.11 per cent) and foreign office advances grew by 15.42 per cent.

Retail portfolio crossed Rs 10 lakh crore. Home loan, which constitutes around 23 per cent of lender's domestic advances, has grown by 11.49 per cent.
Moreover, corporate Loans has also registered growth of 11.15 per cent QoQ in the said quarter.

SBI's total deposits grew at 10.06 per cent YoY. Saving Bank Deposits grew by 10.45 per cent YoY while Term Deposit grew by 11.54 per cent.

During the year ended March, 2022, the bank said that it has infused additional capital in the following
entities:

i) Rs 9.48 crore in Jio Payments Bank Ltd, a jointly controlled entity. There is no change in SBI's stake after capital infusion.
ii) Rs 341,26 crore in PT Bank SBI lndonesia, a subsidiary. Bank's stake has increased from 99.00 per cent to 99.34 per cent.

Further, the bank has declared a dividend of Rs. 7.10 per equity share (710%) for the financial year.

Shares of SBI on Friday traded over 3.5 per cent lower at Rs 445.85 apiece on BSE around 3 pm IST.