India’s largest state-owned lender, State Bank of India
(SBI) reported a 41.2% year-on-year (YoY) rise in net profit at Rs 9,113.5
crore for the quarter ended March 31, 2022. The lender has posted a net profit
of Rs 6,450.75 crore in the year-ago period. With this, the bank has registered
its highest quarterly net profit in March 2022 quarter.

Net profit for the financial year 2022 grew by 55.19% YoY
to Rs 31,676 crore.

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Income from the net interest on loans surged 8.6%, while
provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said.

SBI’s net interest income (NII) for the quarter grew by
15.3% to Rs 31,198 crore from Rs 27,067 crore in the March quarter of fiscal
2021. Domestic net interest margin (NIM) increased by 20 basis points (bps) YoY
to 3.40%.

Operating profit for the fiscal year 2022 grew by 5.22%
YoY to R 75,292 crore while for the March quarter it came at Rs 19,717 crore.

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Moreover, SBI’s gross slippages came at Rs 3,606 crore.

The bank said that its retail portfolio crossed Rs 10
lakh crore in the fiscal year ending March 2022.

On the asset quality front, SBI’s gross NPA ratio was
down by 101 bps YoY at 3.97%, while the Net NPA ratio was down by 48 bps at
1.02%.

SBI’s whole bank advances grew by 11%. Domestic advances
growth stood at 10.27% mainly driven by growth in retail personal advances
(15.11%) and foreign office advances grew by 15.42%.

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Retail portfolio crossed Rs 10 lakh crore. Home loan,
which comprises nearly 23% of the bank’s domestic advances, has grown by
11.49%.

Further, corporate loans have also registered a growth of
11.15% QoQ in the March quarter.

SBI’s total deposits rose at 10.06% YoY. Saving Bank
deposits grew by 10.45% YoY while Term Deposits grew by 11.54%.

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The bank has declared a dividend of Rs 7.10 per share
(710%) for the financial year 2022.

Shares of SBI on Friday traded over 3.5% lower at Rs
445.85 per share on the Bombay Stock Exchange (BSE).