The country’s largest lender, State Bank of India (SBI), reported a 7% drop in standalone net profit for the first quarter of the current fiscal year, totalling Rs 6,068 crore, on Saturday.
In the April-June quarter of 2021-22, the bank reported a net profit of Rs 6,504 crore.
SBI said in a regulatory filing that its standalone total income fell to Rs 74,998.57 crore in the first quarter of 2022-23, down from Rs 77,347.17 crore the previous year.
The bank’s gross non-performing assets (NPA) ratio fell to 3.91% in June from 5.32% the previous year.
Similarly, net NPAs fell to 1.02% in June 2022 from 1.7% the previous year.
SBI’s consolidated net profit fell marginally to Rs 7,325.11 crore from Rs 7,379.91 crore in the same quarter last year.