New Delhi: The largest bank of the lender country in the country (SBI) on Wednesday reported the highest quarterly profit for the September of July.
SBI posted a surge in 66.73 percent in independent net profit at Rs 7,627 Crore, up from RS 4,574 Crore posted in the same period last year.
The bank’s provisions for bad loans fell by 52 percent to Rs 2,699 Crore, while the ratio of dirty bad loans fell to 4.9 percent.
The ratio is 5.32 percent in the last quarter.
During the quarter, the Bank used Rs 2,884 Crore to make specific provisions for stress assets.
The bank also provides Rs 7,418 Crore for revisions in the family pension paid to employees – which are covered under the 11th bi-partite settlement – even when the regulator provides a dispensation in 5 years.
In terms of consolidation profit, SBI reported 69 percent soared at Rs 8,889 Crore in Q2, up from Rs 5,246 Crore in the previous fiscal quarter before.
The total income from the SBI group rose to Rs 1,01,143.26 Crore in the quarter reviewed, compared with Rs 95,373.50 Crore in the period last year.
SBI credit growth was 6.17 percent at the end of the September quarter, driven by a leap of 15.17 percent in private retail loans, the state-owned bank said.
This has expected overall credit growth of 9 percent for fiscal 2022.
Bank shares have outperformed a nice blue chip index by up almost 90 percent so far this year.