SBI vaults as Q1 PAT spurts over 55% YoY

State Bank of India (SBI) jumped 4.31% to Rs 465.70 after the bank's standalone net profit rose by 55.3% to Rs 6,504 crore in Q1 FY22 from Rs 4,189.34 crore in Q1 FY21.

Total income during the quarter rose by 3.9% YoY to Rs 77,367.17 crore.

While the bank's net profit has risen by 0.8%, total income, however, has declined by 4.9% in Q1 FY22 over Q4 FY21.

Net interest income (NII) increased by 3.74% to Rs 27,638 crore in Q1 FY22 from Rs 26,642 crore in Q1 FY21. Domestic net interest margin (NIM) was at 3.15% as on 30 June 2021 as against 3.24% as on 30 June 2020.

Operating profit was at Rs 18,975 crore in Q1 FY22, up by 5.06% from Rs 18,061 crore in Q1 FY21.

Provisions (other than tax) and contingencies declined by 19.6% YoY to Rs 10,051.96 crore in the first quarter, of which provision for non-performing assets aggregated to Rs 5,029.79 crore (down 46.6% YoY). Provision Coverage Ratio (PCR) is at 85.93%, down 39 bps YoY on 30 June 2021.

Profit before tax in Q1 FY22 stood at Rs 8,922.86 crore, up by 60.5% from Rs 5,559.78 crore in Q1 FY21. Tax expenses rose by 76.5% YoY to Rs 2,418.86 crore during the period under review.

On the asset quality front, the bank reported fresh slippages of Rs 15,666 crore in Q1 FY22, as compared with Rs 21,934 crore in Q4 FY21 and Rs 3,637 crore in Q1 FY21. Slippage ratio for Q1 FY22 was at 2.47%, as against 0.60% as at the end of Q1FY21.

The bank's gross non-performing assets (NPAs) were Rs 1,34,259.48 crore as on 30 June 2021 as against Rs 1,26,389.02 crore as on 31 March 2021 and Rs 1,29,660.69 crore as on 30 June 2020.

The ratio of gross NPAs to gross advances stood at 5.32% as on 30 June 2021 as against 4.98% as on 31 March 2021 and 5.44% as on 30 June 2020.

The ratio of net NPAs to net advances stood at 1.77% as on 30 June 2021 as against 1.50% as on 31 March 2021 and 1.86% as on 30 June 2020.

While gross advances increased by 5.79% to Rs 25,23,793 crore, deposits rose by 8.82% to Rs 37,20,987 crore as on 30 June 2021.

Capital Adequacy Ratio (CAR) has improved by 26 bps YoY to 13.66% as on Jun 2021 - without including Q1FY22 profit.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2021, the Government of India held 57.62% stake in the bank.

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