New Delhi, May 18 (Hindustan Times). The country’s largest public sector bank, State Bank of India (SBI) has announced the results of the fourth quarter of the financial year 2022-23. The bank’s profit (January-March) jumped 83 per cent to Rs 16,694.51 crore in the fourth quarter. Due to this, SBI had a net profit of Rs 9,113.53 crore in the same quarter of the previous financial year 2021-22.
SBI informed the stock market on Thursday that its profit in the fourth quarter of the financial year 2022-23 increased by 83 percent to Rs 16,694.51 crore. In the same quarter of the previous financial year 2021-22, the bank’s net profit on a standalone basis was Rs 9,113.53 crore. According to the bank, its profit has increased mainly due to increase in interest income and lower provisioning against bad loans.
According to the bank, interest income increased by 31 percent to Rs 92,951 crore in the fourth quarter of the financial year 2022-23. While the provision for bad loans (NPAs) has come down to Rs 3,315.71 crore in the January-March quarter, from Rs 7,237.45 crore in the same quarter of the previous financial year 2021-22.
Apart from this, the bank’s net profit increased by 59 percent to Rs 50,232.45 crore in the entire financial year 2022-23, while it was Rs 31,675.98 crore in the financial year 2021-22. SBI has recommended a dividend of Rs 11.30 for the financial year 2022-23 ending March 31, 2023. Its payment date has been fixed as June 14.
