SBI Earned Rs 101 Crore Profit/Day In Last 90 Days; Declares Rs 7.10 Dividend Per Share For All Investors
On Friday, for the quarter ending March, State Bank of India NSE -3.89 % (SBI NSE -3.89 %) reported a 41.27 per cent jump in standalone net profit of Rs 9,113.53 crore. For the same quarter, the net profit stood at Rs 6,450.75 crore.
However, the figure is substantially low as far as the Rs 10,000 crore estimate by ET Now analyst poll is concerned.
Declared Divided of Rs. 710
A Rs 7.10 per share dividend has been approved by the board of the lender. The record date for the purpose is May 26, 2022.
As against the analysts’ expectations of Rs 31,800 crore, for the reported quarter, the SBI’s net interest income for the reported quarter came in at Rs 31,198 crore.
Notably, this number is 15.26 per cent higher than Rs 27,067 crore the company announced last year.
Provisions of Bad Loans Reduced
The provisions for bad loans as per the company came down to nearly a third of the prior level.
As compared to previous quarter’s Rs 9,914 crore, only Rs 3,262 crore were kept aside during the quarter. As compared to the previous total provision for contingencies Rs 11,051 crore, the number stood at Rs 7,237 crore this time.
Down from 4.50 sequentially and 4.98 per cent year-on-year, the gross non-performing assets (NPAs) were at 3.97 per cent of the total assets. Net NPA stood at 1.02 per cent compared to 1.34 per cent and 1.50 per cent, respectively.
The SBI stated that as compared to 13.23 per cent at the end of December quarter, and 13.74 per cent in the year ago quarter, the Basel III Capital Adequacy Ratio (CAR) improved to 13.83 per cent.