India’s biggest lender State Bank Of India (SBI) reported its highest ever quarterly net profit with a 41% YoY jump to INR 91.14bn ($1.14bn) during its quarter ending-March 2022. The total income of the bank rose to INR 826.13bn ($10.63bn), up 1.6% YoY. SBI’s net interest income (NII) increased by 15.3% YoY to INR 311.98bn ($4bn) while fee income declined by 5.11%. Loan loss provisions declined by 67% to INR 32.62bn ($420mn). ITs asset quality improved with net non-performing assets (NPAs) declining by 48 bps YoY and 32bps QoQ with its net NPA ratio down to 1.02% from 1.34% at end-December 2021 and 1.5% in March 2021. New NPAs added during the Q4 were at INR 28.45bn ($370mn) against INR 219.34bn ($2.82bn) in the previous year. The home loan segment, which constitutes around 23% of SBI’s domestic advances, grew by 11.5% YoY and retail personal advances were up 15.11% YoY. Net interest margins (NIM) improved 25bps to 3.15%. SBI’s CET1 ratio was at 11.42% and had a total capital adequacy ratio (CAR) at 13.83%.
SBI’s dollar bonds were higher with its 2.49% 2027 up 0.18 points to 92.83, yielding 4.19%.