SBI Q2 results 2022: Net profit jumps 74%, net interest income rises 16.8%


SBI Q2 results 2022: The State Bank of India (SBI) has announced its quarterly results for recently ended September 2022 quarter. The largest commercial bank of India has posted highest ever quarterly net profit at 13,265 crores whereas its year-on-year (YoY) net profit has risen around 74 per cent (73.93 per cent exact number).

While announcing its Q2FY23 results on Monday the state-owned bank reported that its Operating Profit for Q2FY23 stands at 21,120 crores, logging YoY growth of 12.82 per cent.

SBI’s net interest income for the recently ended July to September 2022 quarter stands at 35,183 crore, around 12.83 per cent higher on YoY basis as its net interest income in Q2FY22 stood at 31,184 crore.  SBI’s net interest income in Q1FY23 stood at 31,196 crore that means the PSU bank has posted QoQ growth of 12.78 per cent on net interest income front.

After the end of Q2FY23, SBI deposits stood at 41,90,255 crore, which is around 10 per cent (9.99% exact) higher from its deposits of 38,09,630 crore in Q2FY22.

In Q1FY23 results, SBI has reported gross advances at 30,35,071 crore, which is 19.93 per cent higher from its Q2FY22 gross advances of 25,30,777 crore. Its gross advances in Q1FY23 stood at 29,00,636 crore. So, SBI has posted 4.63 per cent QoQ growth on gross advances front.

On slippage front, SBI has been able to perform exceedingly well. In Q2FY23, SBI’s slippage ratio stands at 0.33 that stood at 1.38 after the end of first quarter of current financial year whereas SBI’s slippage ratio stood at 0.66 in Q2FY22. So, the PSU bank has managed to improved its slippage on both QoQ and YoY basis.

SBI has reported credit growth at 19.93 per cent YoY with domestic advances growing by 18.15 per cent YoY. The largest commercial bank of India has reported foreign offices’ advances growth of 30.14 per cent on YoY-basis.

SME and agriculture loans at SBI have registered YoY growth of 13.24 per cent and 11 per cent respectively.

Ahead of quarterly results announcement, SBI share price climbed to new life-time high of 596.95 apiece on NSE on Friday session. On weekend session, SBI shares opened with an upside gap and went on to climb to a new high before few minutes of market close.

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