SBI Q4 results: Net profit soars 80% YoY as provisions drop

MUMBAI: , the country’s largest lender by assets, on Friday reported an 80 per cent year-on-year rise in net profit to Rs 6,450.75 crore for the quarter ended March, slightly above analysts’ estimates.

The lender’s provisions and contingencies in the quarter fell to Rs 11,051 crore for the final quarter of the last financial year as against Rs 13,495.1 crore it had reported for the corresponding period a year ago.

The bank’s board declared a dividend of Rs. 4 per share for the financial year ended March.

SBI’s net interest income saw healthy growth of 19 per cent on year to Rs 27,067 crore, above analysts’ estimates.

The lender’s asset quality improved dramatically in the quarter as gross the non-performing assets ratio came in at 4.98 per cent in Q4 from 5.44 per cent in the previous quarter.

Similarly, the net NPA ratio improved to 1.5 per cent in the March quarter from 1.81 per cent in the three months to December 31.

The state-owned lender reported net NPAs worth Rs 36,810 crore in Q4, as against Rs 42,797 crore in the previous quarter. Gross bad loans fell around 6 per cent sequentially to Rs 1.26 lakh crore.

On the operating front, SBI recorded a strong performance as its pre-provision operating profit jumped 25 per cent on-year to Rs 19,700.15 crore.

SBI shares ended 4.30 per cent higher at Rs 401.10 on BSE.

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