NEW DELHI: Country’s largest lender State Bank of India (SBI) on Wednesday reported record quarterly net at Rs 7,627 crore for the quarter ended September, registering a jump of 67% year-on-year on account of lower provisions.
The bank had posted a net profit of Rs 4,574 crore for the same period a year-ago.
“Whole bank advances grew by 6.17% YoY to Rs 25.3 lakh crore, mainly driven by personal retail advances (up 15.17% YoY) and foreign office advances (up 16.18% YoY). Domestic advances growth stood at 4.61% YoY, but domestic corporate advances declined 3.91% YoY to Rs 7.56 lakh crore,” said SBI in its BSE filing.
Home loans, which constitute 24% of the bank’s domestic advances, grew by 10.74% YoY.
Total deposits of the lender grew at 9.77% YoY.
The bank further said including the growth in corporate bonds, commercial papers, the loan book has grown by 6.21% YoY. Total deposits during the quarter grew 9.77% YoY to Rs 38.09 lakh crore.
“Current account deposits grew by 19.20% YoY and saving bank deposits increased by 10.55% YoY,” said the bank.
Net interest income of the lender jumped 10.6% to Rs 31,184 crore during the quarter under review. Domestic net interest margin of the lender stood at 3.50% in Q2FY22, up 16 bps YoY.
Asset quality of the lender improved on both sequential and annual basis as gross NPAs stood at 4.9% at the end of September quarter as compared to 5.32% in the preceding quarter and 5.28% in the year-ago period. Net NPAs also came in lower at 1.52%.
Loan loss provisions for the quarter at Rs 2,699 crore dropped 52% compared to year-ago period and declined 46.3% on sequential basis, said the bank.
Provision coverage ratio (PCR) at 87.68% in Q2FY22 improved from 85.93% in the previous quarter.