SBI’s net profit fell 7% to Rs 6,068 crore in Q1

Top Indian lender SBI posts lower Q1 profit on investment book losses.

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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.