SBI Q4 results: net profit climbs 80% over one year thanks to lower provisions

MUMBAI: The country’s largest lender by assets, on Friday announced an 80% increase in year-over-year net profit to Rs 6,450.75 crore for the quarter ended March, slightly higher. above analyst estimates.

The lender’s provisions and contingencies in the quarter fell to Rs 11,051 crore for the last quarter of the prior year from Rs 13,495.1 crore he reported for the corresponding period a year ago.

The bank’s board of directors declared a dividend of Rs. 4 per share for the fiscal year ended in March.

SBI’s net interest income saw healthy year-on-year growth of 19% to Rs 27,067 crore, above analysts’ estimates.

The lender’s asset quality improved significantly during the quarter, with the gross non-performing asset ratio standing at 4.98% in the fourth quarter, compared to 5.44% in the previous quarter.

Likewise, the net NPA ratio rose to 1.5% in the March quarter, from 1.81% in the three months to December 31.

The public lender reported net NPAs worth Rs 36,810 crore in the fourth quarter, compared to Rs 42,797 crore in the previous quarter. Gross bad loans fell about 6% sequentially to Rs 1.26 lakh crore.

Operationally, SBI recorded a strong performance as its operating profit before provisioning jumped 25% year-on-year to Rs 19,700.15 crore.

Shares of SBI ended up 4.30 percent at Rs 401.10 on BSE.