: SBI PAT fall 6.70% on-year to Rs 6,068 cr in Q1FY23 #IndiaNEWS #Business Mumbai: Indias largest state-owned bank, State Bank of India (SBI) reported a marginal fall in net profit of 6.70 per cent

SBI PAT fall 6.70% on-year to Rs 6,068 cr in Q1FY23 #IndiaNEWS #Business
Mumbai: Indias largest state-owned bank, State Bank of India (SBI) reported a marginal fall in net profit of 6.70 per cent year-on-year to Rs 6,068 crore on back of fall in operating profit.
On sequential basis, the net profit fell 33.42 per cent. In the similar period last year, the bank had reported a net profit of Rs 6,504 crore and in previous quarter it reported a net profit of Rs 9,114 crore.
The operating profit of the bank fell sharply by 32.79 per cent on-year to Rs 12,753 crore during the quarter under review. The bank reported operating profit of Rs 18,975 crore in the same period last year.
The net interest income of the bank increased by 12.87 per cent on-year to Rs 31,196 crore in the current quarter. And domestic net interest margin rose 8 basis points to 3.23 per cent.
Gross advances of the bank showed a good growth 14.93 per cent driven by retail personal advances, out of which home loans grew by 13.77 per cent. In absolute terms, the bank reported a gross advances of Rs 29 lakh crore, as against Rs 25 lakh crore in the same quarter last year.
Corporate loan book grew by 10.57 per cent, SME and Agri loans have also registered 10.01 per cent and 9.82 per cent on-year growth, respectively.
Deposit grew 8.73 per cent to Rs 40 lakh crore. CASA ratio of the bank fell 64 basis points to 45.33 per cent as on June 30. Wholesale bank deposit rises 8.73 per cent on-year.
On asset quality front, the gross non-performing assets (NPA) ratio of the bank fell sharply by 141 basis points on-year to 3.91 per cent, and net NPA by 77 basis points on-year to 1.00 per cent. The slippage ratio for the Q1FY23 stood at 1.38 per cent, seen an improvement of 109 basis points on-year.
Capital adequacy ratio as at the end of Q1FY23 stood at 13.43 per cent.

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