SBI reports highest quarterly profit in Q2FY22 at Rs 7,627 crore

Insight Online News

New Delhi, Nov 3 : The country’s largest lender State Bank of India (SBI) on Wednesday said it had posted 67% year-on-year jump in its net profit to Rs 7,627 crores in July-September quarter of financial year 2021-22.

The net interest income of the bank during this period increased by 10.65% year-on-year.

The SBI shares traded in the green and were 1.15% higher at Rs 527.70 a piece in the afternoon around 3PM on the BSE on Wednesday.

As per an official statement, SBI’s total deposits grew at 9.77% year-on-year in the second quarter.

While current account deposits grew by 19.20%, saving bank deposits grew by 10.55% during the September quarter.

“Whole Bank Advances grew by 6.17% YoY mainly driven by personal retail advances (15.17% YoY) and foreign office advances (16.18% YoY). Domestic advances growth stood at 4.61% YoY,” the bank said.

Home loan which constitutes 24% of the bank’s domestic advances rose 10.74% year-on-year during this period.

Net NPA (non-performing asset) ratio at 1.52% is down 7 bps (basis points) YoY. Gross NPA ratio at 4.90% is down 38 bps YoY,” the statement said.

One basis point is equal to one-hundredth of a percentage point.

UNIINDIA

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