SBI Q2 Net Profit surges 67%, bank registers highest quarterly Net Profit of Rs 7,627 crores

New Delhi: The country's largest lender State Bank of India (SBI) on Wednesday registered its highest quarterly Net Profit of Rs 7,627 crores in for the second quarter ended September 30 on account of decline in bad loans. This represents increase of 66.73% Year on Year.

The bank's Operating Profit increased by 9.84% YoY to Rs 18,079 crores in Q2FY22 from Rs 16,460 crores in Q2FY21. (Also read: SBI launches pre-approved 2-wheeler loan on YONO, EMI as low as Rs 2,560 per lakh)

Fully provided Rs 7,418 crores due to change in family pension rules, even as regulator granted dispensation to amortise in 5 years. The lender's Net Interest Income for Q2FY22 increased by 10.65% YoY.

Domestic NIM for Q2FY22 at 3.50%, has increased by 16 bps YoY. · Total Deposits grew at 9.77% YoY. Current Account Deposits grew by 19.20% YoY and Saving Bank Deposits grew by 10.55% YoY. Whole Bank Advances grew by 6.17% YoY, mainly driven by Personal Retail Advances (15.17% YoY) and Foreign Office Advances (16.18% YoY). Domestic Advances Growth stood at 4.61% YoY.

Home loan, which constitutes 24% of Bank’s domestic advances, has grown by 10.74% YoY. · Including the growth in Corporate Bonds / CPs, the loan book has grown by 6.21% YoY. Net NPA ratio at 1.52% is down 7 bps YoY. Gross NPA ratio at 4.90% is down 38 bps YoY.

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