SBI Q2 Result: Public sector lender reports highest-ever quarterly profit of Rs. 13,265 crore

The State Bank of India recorded its highest-ever quarterly net profit of 13,265 crores in its Q2 results for 2022.

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State Bank of India (SBI) has released its quarterly results for the most recent quarter, which concluded in September 2022. The largest commercial bank in India reported the greatest quarterly net profit it has ever achieved at Rs.13,265 crores, while its year-over-year (YoY) net profit has increased by almost 74%. (73.93 per cent exact number).

The state-owned bank stated that its Operating Profit for Q2FY23 stands at Rs.21,120 crores, posting YoY rise of 12.82%, when announcing its Q2FY23 results on Monday.

SBI’s net interest income for the just-completed July to September 2022 quarter is Rs.35,183 crore, or about 12.83% more than it was in Q2FY22 when it was Rs.31,184 crore. SBI’s net interest income for the first quarter of FY23 was Rs.31,196 crore, representing a quarter-over-quarter increase in net interest income of 12.78%.

After the conclusion of Q2FY23, SBI’s deposits were at Rs.41,90,255 crore, up roughly 10% (9.99% precisely) from the deposits of 38,09,630 crore it had at the end of Q2FY22.

SBI’s gross advances for the first quarter of FY23 were Rs.30,35,071 crore, up 19.93% from the gross advances for the second quarter of FY22, which were Rs.25,30,777 crore. It made gross advances of Rs.29,00,636 in the first quarter of FY23. As a result, SBI reported a 4.63 percent QoQ increase in gross advances.

SBI has been able to perform remarkably well in terms of slippage. SBI’s slippage ratio in the second quarter of the current fiscal year is 0.33 as opposed to 0.66 in the second quarter of the previous fiscal year, when it was 1.38. So, both on a QoQ and YoY basis, the PSU bank has been able to improve its slippage.

SBI reported that loan growth was 19.93% YoY and that domestic advances were up 18.15% YoY. The largest commercial bank in India reported a YoY gain of 30.14 percent in foreign office advances.

At SBI, loans for agriculture and SME have had YoY growth of 11% and 13.24%, respectively.

SBI share price reached a new all-time high of Rs.596.95 per share on NSE on Friday during the session prior to the release of the quarterly results. SBI shares opened with an upward gap throughout the weekend session and continued to rise to a new high just before the market closed.