State Bank of India, the country’s largest commercial bank reported a 41% increase in net profits in Q4. It reported a net profit of Rs 9,113.5 crores for the quarter ending March 31, 2022. It is the highest recorded quarterly net profit of the bank, it recorded 6450.7 crores during the same period last year.
SBI’s operational profit increased 5.22 percent year on year (YoY) to Rs 75,292 crore previous fiscal year while operating profit in the March quarter was Rs 19,717 crore.
In the financial year ended March 2022. The State Bank of India ‘s retail portfolio surpassed Rs 10 lakh crore. According to the bank. The bank’s Gross NPA ratio was down 101 basis points year over year to 3.97 percent. While the Net NPA ratio was down 48 basis points to 1.02 percent.
State Bank of India‘s net interest income, which is the difference between interest generated on loans and interest paid on deposits, increased 15% to Rs 31,120 crore from Rs 27,067 crore the previous year.
State Bank of India experiences increase in Credit Growth
For the financial year 2022, the bank saw a credit growth of 11%. Which was owing to robust growth in retail and business loans. Its retail and personal loan portfolio has surpassed Rs 10,000 crore. SBI approved 5.61 lakh crores in residential loans and 79,148 crores in vehicle loans.
State Bank of India ‘s board has recommended a dividend of Rs.7.1 per share for the financial year ending March 2022.