SBI Q1 profit jumps 55% to a record Rs6,504 crore

State Bank of India (SBI), the country’s top lender, has reported a 55.25 per cent year-on-year jump in its fiscal first quarter net profit, at Rs6,504 crore, against Rs4,189.34 crore eported in the comparable quarter of the previous fiscal.

SBI’s operating profit increased by 5.06 per cent to Rs18,975 crore during the quarter from Rs18,061 crore in the year-ago period. Operating profit, excluding exceptional items, increased by 14.85 per cent.
Net interest income (NII), the difference between the interest income from lending activities and the interest paid to depositors, grew 3.74 per cent. Net interest margin (NIM) for the quarter stood at 3.15 per cent.
Domestic net interest margin (NIM) for Q1FY22 stood at 3.15 per cent, which was lower by 9 bps YoY.
Total deposits grew 8.82 per cent. Current account deposits grew 11.75 per cent and saving by 10.55 per cent.
Domestic credit grew 5.64 per cent, mainly driven by retail (personal) advances (16.47 per cent), agri advances (2.48 per cent) and SME (2.01 per cent), the bank said in a BSE filing.
Net non-performing assets ratio declined 9 bps YoY to 1.77 per cent. Gross NPA ratio fell 12 bps to 5.32 per cent.
Provisions for NPA was lower at Rs5,029.8 crore against Rs9,914.2 crore in the previous quarter and Rs9,420 crore in the year-ago quarter. 
The slippage ratio for Q1FY22 stood at 2.47 per cent against 0.60 per cent at the end of Q1FY21. Credit cost at the end of Q1FY22 declined 77 bps YoY to 0.79 per cent.
Capital adequacy ratio improved by 26 bps YoY to 13.66 per cent as of June 2021, without including Q1FY22 profit, the bank said.
SBI stock jumped almost 5 per cent to hit its 52-week high of Rs466.90 on BSE.