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Tag: SBI results

  • SBI’s Q1FY24 net profit could more than double: Broking firms

    SBI’s Q1FY24 net profit could more than double: Broking firms

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    State Bank of India’s (SBI) net profit is likely to more than double in the first quarter vis-a-vis year ago period buoyed by robust net interest income and fee income and low credit costs, according to broking firms.

    India’s largest bank is likely to post a net profit of about ₹13,200 crore against ₹6,068 crore in the year ago period, based on an average estimate by 10 broking firms.

    ALSO READ | State Bank of India launches ‘Transaction Banking Hubs’ for efficient solutions

    BNP Paribas, in a report, estimated SBI’s net profit growth at 153 per cent yoy, flattered by a severely MTM (mark-to-market) loss-affected base.

    “Our top candidate for a positive earnings surprise is SBI, on the back of robust fee income,” per the report.

    Analysts expect the bank to have grown its credit portfolio across the board, including retail (housing, vehicles, pre-approved personal loans), MSME and agriculture.

    Broking firm Prabhudas Lilladher expects SBI’s net profit to jump 144 per cent yoy to ₹14,821 crore.

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  • SBI Q2 results: Bank says its net profit jumped 74%, net interest income rose 16.8%

    SBI Q2 results: Bank says its net profit jumped 74%, net interest income rose 16.8%

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    State Bank of India (SBI), the largest bank in the country as per assets, has announced that its net profits jumped by 74 per cent this quarter.  

    The public sector bank said it has posted the highest ever quarterly net profit at Rs 13,265 crore, up from Rs 7,627 crore in the same quarter of the previous financial year.  

    Its operating profit for the July-September quarter was at Rs 21,120 crore, which is up by nearly 17 per cent on a year-on-year basis. 

    Net interest income  

    The bank’s net interest income rose 12.8 percent year-on-year to Rs 35,183 crore, up from Rs 31,184 crore in July-September 2021. The net interest income is the difference between interest earned and interest expended. The bank’s Net Interest margins (NIM) were at 3.55 per cent in the reporting quarter from 3.23 per cent in June and 3.50 percent in September last year. 

    As per its filing, the bank’s interest earned rose 15 per cent to Rs 79,859.59 crore, while the interest expended was Rs 44,676.15 crore. 

    Bad loans went down 

    The largest lender in the country reported that its gross non-performing assets (NPA) were 3.52 per cent of the total loan book, down from 4.90 per cent in Q2 FY22.  

    On a net basis, bad loans were 0.80 per cent of the loan book compared with 1.52 per cent in 2021, which is a healthy sign. 

    Robust loan and deposit growth 

    On the loan and deposit side, the bank stated its credit growth jumped nearly 20 per cent year-on-year with domestic advances growing by 18.15 per cent year-on-year. It reported spectacular growth in domestic advances due to corporate advances followed by retail personal loans. 

    Whole Bank Deposits grew nearly 10 per cent YoY, out of which CASA Deposit grew by 5.35 per cent. The CASA ratio stood at 44.63 per cent as on September-end. 

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