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SBI reports highest ever rise in net profit in Q2


NEW DELHI: The country’s biggest lender State Bank of India (SBI) on Wednesday reported its highest ever quarterly profit for the July September period. SBI posted a 66.73 per cent jump in its standalone net profit at Rs 7,627 crore, up from Rs 4,574 crore posted in the same period last year. The bank’s provisions for bad loans fell by 52 per cent to Rs 2,699 crore, while its gross bad loan ratio slipped to 4.9 per cent. The ratio was 5.32 per cent in last quarter. During the quarter, the bank utilised Rs 2,884 crore towards making specific provisions against stressed assets. The bank also provided Rs 7,418 crore for revision in family pension payable to employees — covered under the 11th bi-partite settlement — even as regulator granted dispensation to absorb in 5 years. In terms of consolidated profit, SBI reported 69 per cent jump at Rs 8,889 crore in Q2, up from Rs 5,246 crore in the same quarter previous fiscal. The total income of the SBI group rose to Rs 1,01,143.26 crore in the quarter under review, compared to Rs 95,373.50 crore in the year-ago period. SBI’s credit growth was 6.17 per cent at the end of the September quarter, driven by a 15.17 per cent jump in personal retail loans, the state-owned bank said. It had forecast an overall credit growth of 9 per cent for fiscal 2022. Shares of the bank have outperformed the Nifty blue chip index by rising nearly 90 per cent so far this year. FacebookTwitterLinkedinEMail


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