SBI reports highest quarterly profit of Rs 7,627 crore in Q2 FY22
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The country's largest bank, the State Bank of India (SBI) has reported a record 67 per cent year-on-year jump in its net profit to Rs 7,627 crore in second quarter period of fiscal year 2021-22.
The bank had reported net profit of Rs 4,574 crore in Q2 of fiscal year 2020-21.
The net interest income of the bank during this period under review also increased by 10.65 per cent year-on-year.
The SBI shares traded in the green and closed 1.14 per cent higher at Rs 527.65 a piece on the BSE on Wednesday.
As per an official statement, the SBI's total deposits grew at 9.77 per cent year-on-year in the second quarter, while current account deposits grew by 19.20 per cent in Q2, and saving bank deposits grew by 10.55 per cent.
The bank also cut down its NPA further with its net non-performing asset ratio coming down by 7 bps (basis points) to 1.52 per cent YoY.
Gross NPA ratio at 4.90 per cent also came down is 38 bps YoY.
The bank's advances grew by 6.17 per cent YoY mainly driven by personal retail advances and foreign office advances. Domestic advances growth stood at 4.61 per cent YoY, the bank said in a statement.
Home loans, which constitute 24 per cent, of the bank's domestic advances rose 10.74 per cent year-on-year during this period.
