SBI Q1 results: The number is above Street’s expectations, as a CNBC-TV18 analysts poll estimated Q1 profit at Rs 6,374.5 crore
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State Bank of India (SBI) on August 4 reported a 55.25 percent year-on-year (YoY) jump in the June quarter net profit at Rs 6,504 crore, up from Rs 4,189.34 crore in the same quarter of the previous year.
The profit was higher than Street’s expectations. A CNBC-TV18 poll of analysts had estimated Q1 profit at Rs 6,374.5 crore.
The country’s large public sector bank’s operating profit increased by 5.06 percent to Rs 18,975 crore in the quarter from Rs 18,061 crore in the year-ago period. The operating profit, excluding exceptional items, increased 14.85 percent.
Net interest income (NII), the difference between the interest income from lending activities and the interest paid to depositors, grew 3.74 percent YoY. The net interest margin (NIM) for the quarter stood at 3.15 percent.
Domestic net interest margin (NIM) for Q1FY22 came at 3.15 percent, which was lower by 9 bps YoY.
Total deposits grew at 8.82 percent YoY. Current account deposits grew by 11.75 percent and saving by 10.55 percent YoY.
Domestic credit growth was at 5.64 percent YoY, mainly driven by retail (personal) advances (16.47 percent YoY), agri advances (2.48 percent YoY) and SME (2.01 percent YoY), the bank said in a BSE filing.
Net non-performing assets ratio declined 9 bps YoY to 1.77 percent. Gross NPA ratio fell 12 bps YoY to 5.32 percent.
Provisions for NPA were at Rs 5,029.8 crore against Rs 9,914.2 crore QoQ and Rs 9,420 crore YoY. Provisions refer to the amount a bank needs to set aside to cover the losses from a loan account. When an account turns into an NPA, the provisions required will equal the full loan amount.?
The slippage ratio for Q1FY22 stood at 2.47 percent from 0.60 percent at the end of Q1FY21. Credit cost at the end of Q1FY22 declined 77 bps YoY to 0.79 percent.
Capital adequacy ratio improved by 26 bps YoY to 13.66 percent as of June 2021, without including Q1FY22 profit, the bank said.
The better than expected numbers lifted the stock, which jumped almost 5 percent to hit its 52-week high of Rs 466.90 on BSE.