Net NPAs or bad loans also declined to 1.02% as on March 31, 2022, from 1.50% in the year-ago period.
Net NPAs or bad loans also declined to 1.02% as on March 31, 2022, from 1.50% in the year-ago period.
Country’s largest lender SBI on Friday reported a 41% rise in standalone net profit to 9,114 crore for the fourth quarter ended March 2022, helped by a decline in bad loans.
State Bank of India (SBI) had reported a profit of ₹6,451 crore during the January-March period of 2020-21, the lender said in a regulatory filing.
The bank’s total income grew marginally to ₹82,613 crore during the March quarter, from ₹81,327 crore in the corresponding period of the previous fiscal.
On a consolidated basis, the bank reported a 56% increase in net profit to ₹9,549 crore as compared to ₹6,126 crore in the fourth quarter of the previous fiscal.
With regard to asset quality, the bank’s gross non-performing assets (NPAs) declined to 3.97% of gross advances as on March 31, 2022, as against 4.98% in the same period of 2021.
Net NPAs or bad loans also declined to 1.02% as on March 31, 2022, from 1.50% in the year-ago period.
For the full financial year 2021-22, the bank reported a 55% growth in standalone profit at ₹31,676 crore from ₹20,410 crore in the previous financial year.
The board has recommended a dividend of ₹7.10 per share or 710% on face value for the financial year ended March 31, 2022.
SBI shares were trading at Rs 467.85 per unit, up 1.17% on the BSE, shortly after the quarterly numbers were announced.