SBI Q2 FY22 Results: Highest Quarterly Net Profit of Rs. 7,627 crores

New Delhi: India's Largest multinational public sector bank the State Bank of India on Nov 03, 2021, posted year-on-year highest quarterly Net Profit of Rs. 7,627 crores in Q2FY22. This represents an increase of 66.73% YoY.  Bank's Operating Profit increased by 9.84% YoY to Rs. 18,079 crores in Q2FY22 from Rs.16,460 crores in Q2FY21.

 

Key Highlights from the report:

• Fully provided Rs 7,418 crores due to change in family pension rules, even as regulator granted dispensation to amortise in 5 years.

• Net Interest Income for Q2FY22 increased by 10.65% YoY.

• Domestic NIM for Q2FY22 at 3.50%, has increased by 16 bps YoY.

• Total Deposits grew at 9.77% YoY. Current Account Deposits grew by 19.20%YoY and Saving Bank Deposits grew by 10.55% YoY.

• Whole Bank Advances grew by 6.17% YoY, mainly driven by Personal Retail Advances (15.17% YoY) and Foreign Office Advances (16.18% YoY). Domestic Advances Growth stood at 4.61% YoY

• Home loan, which constitutes 24% of the Bank’s domestic advances, has grown by 10.74% YoY.

• Including the growth in Corporate Bonds / CPs, the loan book has grown by 6.21% YoY.

• Net NPA ratio at 1.52% is down 7 bps YoY. The Gross NPA ratio at 4.90% is down 38 bps YoY.

• Provision Coverage Ratio (PCR) is at 87.68%.

• Slippage Ratio for Q2FY22 stands at 0.66% only, down from 2.47% in Q1FY22.

• Credit Cost for Q2FY22 has declined 51 bps YoY to 0.43%.

• Cost to Income Ratio at 54.10% during Q2FY22 is lower by 106 bps YoY.

• Capital Adequacy Ratio (CAR) as at the end of Q2FY22 stands at 13.35% even without including H1FY22 Profit. If we add profit of H1FY22, the ratio will improve by 61 bps.

• Return on Assets (RoA) as at the end of Q2FY22 stands at 0.61%, which is higher by 18 bps YoY.

• Return on Equity (RoE) as at the end of Q2FY22 stands at 13.17% which is higher by 423 bps YoY.

• Share of Alternate Channels in total transactions has increased from 93% in H1FY21 to 95% in H1FY22

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