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SBI reports 6.7% dip in standalone net profit
09 Aug 2022 CW Team
The largest lender in the nation, State Bank of India (SBI), saw a substantial decline in non-interest income as a result of market-to-market losses on the investment book, resulting in a 6.7% year-over-year (YoY) decline in net profit to Rs 60.68 billion in the April–June quarter (Q1) of FY23.
Net profit missed the Street estimate as analysts polled by Bloomberg had projected a net profit of Rs 83.92 billion. The public sector lender had reported a net profit of Rs 65.04 billion in the corresponding period of the last year.
Due to increased credit demand across all market segments and improved asset quality, the lender's net interest income increased by 13% YoY to Rs 311.96 billion in Q1FY23. However, non-interest income decreased by 80% during the same period to Rs 23.12 billion due to a loss on investments of Rs 65.49 billion.
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