State Bank of India (SBI) reported a 67 per cent year-on-year (YoY) jump in net profit at Rs 7,627 crore in the July-September quarter (Q2FY22), aided by lower provisions. This is the highest ever quarterly net profit for the bank.
Net profit for the quarter beat street expectations as analysts had estimated a profit of Rs 7,450 crore. In the year-ago period, the bank had posted a net profit of Rs 4,574 crore.
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Net interest income of the lender jumped 10.6 per cent YoY to Rs 31,184 crore during the quarter under review. The domestic net interest margin of the lender stood at 3.50 per cent in Q2FY22, up 16 bps YoY.
Asset quality of the lender improved on both sequential and annual basis as gross NPAs stood at 4.9 per cent at the end of September quarter compared to 5.32 per cent in the preceding quarter and 5.28 per cent in the year-ago period. Net NPAs also came in lower at 1.52 per cent.
