SBI Q4 results: State Bank of India (SBI), on Thursday, reported a standalone net profit of Rs 16,694.51 crore for the January to March quarter (Q4) of financial year 2022-23 (FY23).
The profit rose 83.18 per cent over last year’s profit of Rs 9,113.5 crore on the back of a healthy loan book, and net interest income (NII).
The bottom-line beat Bloomberg’s estimate of Rs 15,186 crore.
SBI’s loans at the end of Q4FY23 stood at Rs 32.69 trillion, recording a rise of 16 per cent over Q4FY22. Sequentially, the loan book grew 4.3 per cent over outstanding loans worth Rs 31.33 trillion at the end of Q3FY23.
Personal loans did the heavy-lifting as they rose 17.6 per cent YoY to Rs 11.79 trillion. Of these, homes loans were Rs 6.4 trillion. State Bank’s corporate loan book grew 12.5 per cent YoY to Rs 9.79 trillion.
Deposits, meanwhile, jumped 9.2 per cent on year/5 per cent QoQ to Rs 44.24 trillion. Domestic CASA deposits increased a meagre 5 per cent YoY/3.5 per cent QoQ to Rs 18.62 trillion. Term deposits, on the contrary, surged 11.45 per cent YoY/6.4 per cent QoQ to Rs 23.9 trillion.
Effectively, CASA ratio fell 148 bps YoY to 43.8 per cent from 45.28 per cent.
The NII came in at Rs 40,393 crore, up 29.5 per cent year-on-year (YoY) from Rs 31,197.9 crore. Sequentially, it rose 6 per cent from Rs 38,068.6 crore.
Net interest margin (NIM) for Q4FY23 increased by 44 bps YoY to 3.84 per cetn as against from 3.01 per cent last year and 3.41 per cent QoQ.
Asset quality
The lender’s asset quality improved considerably with the gross non-performing assets (GNPAs) falling to Rs 90,928 crore in Q4FY23, down 19 per cent YoY from Rs 112,023.4 crore seen at the end of Q4FY22. On a quarterly basis, GNPAs fell 7.5 per cent.
In terms of GNPAs as a percentage of total advances, GNPA ratio improved to 2.78 per cent from 3.97 per cent YoY and 3.14 per cent QoQ.
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NNPAs, meanwhile, reduced to Rs 21,466.64 crore from Rs 27,965.71 crore YoY and Rs 23,484.3 crore QoQ. NNPA ratio, thus, stood at 0.67 per cent at the end of the March quarter as against 1.02 per cent in Q4FY22 and 0.77 per cent in Q3FY23.
NNPAs, meanwhile, reduced to Rs 21,466.64 crore from Rs 27,965.71 crore YoY and Rs 23,484.3 crore QoQ. NNPA ratio, thus, stood at 0.67 per cent at the end of the March quarter as against 1.02 per cent in Q4FY22 and 0.77 per cent in Q3FY23.
Dividend announced
The Board has declared a dividend of Rs 11.30 per share @ 1,130 per cent for the year ending March 31, 2023.
On the bourses, shares of SBI slipped nearly 3 per cent from the day’s high and were quoting 1 per cent lower at 2:00 PM. By comparison, the benchmark S&P BSE Sensex was up 0.2 per cent.
FY23 snapshot
SBI’s net profit for FY23 crossed Rs 50,000-crore mark and stood at Rs 50,232 crore, up 58.58 per cent YoY. Operating Profit, meanwhile, grew by 11.18 per cent YoY to Rs 83,713 crores.
NII for the year jumped around 20 per cent YoY to Rs 1.44 trillion with NIM at 3.58 per cent.
Slippages for the year fell to Rs 18,421 crore from Rs 25,021 crore seen at the end of Fy22.
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