SBI Q4 profit zooms 83% to Rs 16 695 cr bank declares dividend of Rs 11.30 per share
India's biggest public sector lender State Bank of India (SBI) on Thursday reported an 83 per cent rise in its standalone net profit to Rs 16,694.51 crore in the January-March quarter. The bank's consolidated net profit for the same period jumped 89.4 per cent to Rs 18,094 crore, while its income from interest rose 31.4 per cent in the same period. SBI's standalone and consolidated net profit in the same quarter last year stood at Rs 9,113 crore and Rs 9,549.13 crore, respectively. The bank's board has recommended a dividend of Rs 11.30 per equity share 1130 per cent for FY23. SBI said the date of dividend payment is fixed on June 14, 2023. SBI's net interest income jumped 29 per cent to Rs 40,393 crore in Q4Y23, from Rs 31,198 crore in the same period last year. The public sector lender's net profit for the fiscal year 2023 jumped 57.4 per cent to Rs 55,684.17 crore, compared to Rs 35,373.88 crore in FY22. The PSB said it earned Rs 98,083.19 crore in interest in the fourth quarter of FY23, as compared to Rs 74,607.57 crore in the same period a year ago. For fiscal 2023, the bank reported a 21 per cent rise in its interest earned to Rs 3,50,884.58 crore, from Rs 2,89,972.69 crore in FY22. The bank's provisioning for bad loans and contingencies almost halved to Rs 3,315.71 crore in the fourth quarter, compared to Rs 7,237.45 crore in the Q4F22. The bank's shares fell over 1 per cent after the earnings announcement, and at the time of writing, SBI's stock was trading at Rs 580.60 on BSE.
Thursday, May 18, 2023 at 8:30 am