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On Yesterday, the State Bank of India (SBI) reported net profit fell 6.7% to Rs 6,068 crore in Q1FY23. The Net interest income of the lender grew 13% YoY to Rs 31,196 crore in the first quarter of FY23 but other non-interest income was down 80 per cent during the same period at Rs 2,312 crore as a loss on investments came in at Rs 6,549 crore.
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Loan loss provisions were down 15% YoY, but up 31% sequentially to Rs 4,268 crore in Q1FY23. The asset quality saw improvement with gross non-performing assets (NPAs) of the lender standing at 3.91% at the end of the June quarter, down 141bps YoY and 6bps sequentially. Similarly, net NPAs were down 77 bps YoY and 2bps sequentially to 1% during the same period. While slippages were down 38% YoY, they jumped three times sequentially to Rs 9,740 crore in Q1FY23.
While gross advances grew 15% and 3% sequentially to Rs 29 trillion, domestic advances grew 14 per cent and foreign office advances grew 22.4%. Domestic advances growth was driven by retail personal advances, which reported a 19% YoY growth, out of which home loans grew by 14% YoY.
The corporate loan book grew 11%, SME grew 10%, and the agri book grew 9.82% during the same period. Deposits of the lender were up 8.73% YoY, but down 0.14% sequentially to Rs 40.45 trillion. Domestic CASA reported a 6.5% YoY growth to Rs 17.67 trillion, taking the CASA ratio to 45.33.
