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SBI’s Q2 net rises 74% to Rs 13,265 crore

News Agencies

Mumbai, Nov 5: State Bank of India’s net profit rose by 73.93 per cent year-on-year (YoY) to Rs 13,265 crore in the July-September quarter Q2FY23 on improvement in interest margins and decline in provisions for bad loans.

Country’s largest lender had posted a net profit of Rs 7,627 crore in Q2FY22.

The bank’s stock closed 1.53 per cent higher at Rs 593.75 per share on the BSE on Friday.

Its net interest income improved 12.83 per cent YoY to Rs 35,183 crore for Q2FY23, against Rs 31,184 crore last year. On a sequential basis, it increased 12.78 per cent, from Rs 31,196 crore in Q1FY23.

The bank’s Net Interest Margin (NIM) in domestic operations improved 3.55 per cent in Q2FY23, against 3.50 per cent a year ago. It improved 5 basis points on a sequential basis, from 3.23 per cent in Q1FY23.

The loan loss provisions declined by 25.5 per cent to Rs 2,011 crore in Q2FY23, from Rs 2,699 crore in the corresponding period last year. Sequentially, provisions were down from Rs 4,268 crore in Q1FY23.

SBI’s advances increased 19.93 per cent YoY, from Rs 25.30 trillion in Q2FY22 to Rs 30.35 trillion in Q2FY23.

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