SBI Q4 Result: State Bank of India (SBI) on Friday released its quarterly results for March 2022. The country’s largest state-run bank said it has seen a 41% rise in standalone net profit to ₹9,113.5 crore for the quarter ended March 2022. Let us tell you that this is the highest quarterly profit ever. The bank had reported a profit of ₹6,450.7 crore in the year-ago quarter. However, this is much lower than the estimate of Rs 10,000 crore. With this, there is a decline in the shares of SBI. The shares of the bank have fallen 2.67% to Rs 450.30.
What did the bank say?
SBI said that the bank’s total income grew marginally to Rs 82,613 crore in the March quarter from Rs 81,327 crore in the same period last fiscal. The bank’s consolidated net profit grew by 56 per cent to Rs 9,549 crore as against Rs 6,126 crore in the fourth quarter of the previous fiscal.
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In terms of asset quality, the bank’s gross non-performing assets (NPAs) declined to 3.97 per cent of gross advances as on March 31, 2022. It was 4.98 per cent in the same period last year. Net NPAs or bad loans declined to 1.02 per cent from 1.50 per cent in the previous year. For the full financial year 2021-22, the bank’s standalone profit grew 55 per cent to Rs 31,676 crore from Rs 20,410 crore in the previous year.
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SBI announced to give dividend
The board of directors of the bank has recommended a dividend of Rs 7.10 per share for the financial year ended March 31, 2022.