SBI Q1 results: Beating the street estimates by a huge margins, the State Bank of India (SBI) has reported year-on-year (YoY) dip of 6.7 per cent in net profit to ₹6,068 crore in Q1FY23 against ₹6.504 core in Q1FY22. India's largest commercial bank has reported rise in its net interest income (NII) from ₹27,638 crore in Q1FY22 to ₹31,196 crore in Q1FY23, logging near 12.87 per cent rise on YoY basis. SBI shared these q1 earnings while announcing its Q1FY23 results on Saturday.
SBI's profitability in Q1FY23
While announcing the Q1 results for the financial year 2022-23, SBI has reported Operating Profit for Q1FY23 at ₹12,753 crores as against Rs. 18,975 crores in Q1FY22, impacted by MTM Losses on investment book.
The MTM hit also had an adverse impact on bank’s ROA and ROE, which stand at 0.48 per cent and 10.09 per cent respectively.
Asset quality in Q1FY23
On asset quality front, SBI reported Gross NPA ratio down by 141 bps YoY at 3.91 per cent, while Net NPA ratio down by 77 bps YoY at 1.00 per cent. Provision Coverage Ratio (PCR) improved by 719 bps YoY at 75.05 per cent. PCR (Including AUCA) stands at 90.14 per cent.
Slippage Ratio of SBI for Q1FY23 stands at 1.38 per cent, which is 1.09 per cent better in YoY terms. Credit Cost of the public sector bank for Q1FY23 stands at 0.61 per cent, around 18 bps better than its Credit Cost for Q1FY22.
SBI has reported YoY credit growth to the tune of 14.93 per cent. Its Domestic Advances grew at 13.66 per cent YoY and Foreign Offices’ Advances grew by 22.39 per cent YoY.
SBI's balance sheet after June 2022
SBI's Domestic Advances growth is mainly driven by the Retail Personal Advances (18.58 per cent YoY), out of which Home Loan grew by 13.77 per cent YoY. Corporate Loan book of the PSU bank grew by 10.57 per cent. SME and Agri loans have also registered YoY growth of 10.01 per cent and 9.82 per cent respectively.
“Bank’s Balance Sheet size crosses ₹50 lakh crores," adding, “Capital Adequacy Ratio (CAR) as at the end of Q1FY23 stands at 13.43 per cent," said SBI while announcing its Q1 results on Saturday.
SBI Q1 results: Net profit dips 6.7% to ₹6,068 crore, NII rises 12.87% | Mint - Mint
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