SBI’s Q4 net profit jumps 83% to ₹16,694 cr

By Jessica On May 18, 2023

PTI | | Posted by Lingamgunta Nirmitha Rao

The country’s largest bank SBI on Thursday reported an 83 per cent jump in net profit at ₹16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.

For the full 2022-23 fiscal, SBI's net profit increased 59 per cent to <span class= — For the full 2022-23 fiscal, SBI’s net profit increased 59 per cent to ₹50,232.45 crore. (Representational Image)(Mint)

In the January-March quarter of 2021-22 financial year, State Bank of India’s net profit on standalone basis was ₹9,113.53 crore.

During the March quarter of 2022-23 fiscal, the bank’s interest income rose 31 per cent to ₹92,951 crore, SBI said in a regulatory filing.

Provisioning for bad loans and contingencies nearly halved to ₹3,315.71 crore during the quarter, as against ₹7,237.45 crore in the January-March period of 2021-22.

For the full 2022-23 fiscal, SBI’s net profit increased 59 per cent to ₹50,232.45 crore. The profit in 2021-22 fiscal was ₹31,675.98 crore.

SBI also declared a dividend of ₹11.30 per equity share (1130 per cent) for the financial year ended March 31, 2023. The date of payment for the dividend is fixed on June 14.

Shares of SBI were trading at ₹581.75, down 0.81 per cent in post noon trade on the BSE.

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