SBI Q2 earnings: SBI Q2 results: PSU lender posts highest quarterly profit of Rs 13,265 crore

NEW DELHI: (SBI) on Saturday announced its highest ever quarterly profit after tax (PAT) of Rs 13,264.62 crore, up 74% year on year (YoY), for the quarter ended September 30, 2022 .

It had netted Rs 7,626.57 during the period a year ago.

The country’s largest public lender reported total revenue of Rs 88,733.86 crore in Q2FY23, up 14% year-on-year from Rs 77,689.09 crore in the corresponding quarter last year.

The state-run lender reported pre-provision operating profit (PPOP) of Rs 21,220 crore in the given quarter compared to Rs 18,079 crore a year ago. Provisions decreased to Rs 3,038 crore from Rs 4,392 crore on a quarterly basis (QoQ).

SBI reported a 13% increase in net interest income (NII) to Rs 35,183 crore for the quarter ended September 30, 2022, from Rs 31,184 crore in the prior year quarter.

The lender’s domestic net interest margins (NIMs) improved 5 basis points on an annual basis and 32 basis points on a quarterly basis to 3.55%, it added. The cost of credit improved by 15 basis points year-over-year to 0.28% for Q2FY23.

Gross NPAs decreased to 3.52% in Q2FY23 from 3.91% in Q1FY23 and 4.9% in Q2FY22. Similarly, net NPAs fell to 0.8% in the September 2022 quarter, from 1% in the June 2022 quarter and 1.52% in the September 2021 quarter.

SBI’s return on assets (ROA) was 1.04% for the quarter, up 38 basis points year-on-year, the lender said. For the six months ended September 2022, its ROA was 0.76%.

SBI reported a 37% increase in net profit to Rs 19,333 crore for H1FY23 from Rs 14,131 crore in the same period a year earlier. Its NII rose by 13% to Rs 66,379 crore over the same period, with NIMs at 3.39%

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