SBI net profit dips 7% to ₹6,068 crore in Q1

On a consolidated basis, SBI’s net profit declined marginally 7,325.11 crore as compared to Rs 7,379.91 crore in the corresponding quarter of the previous year.

The country’s largest lender State Bank of India (SBI) on Saturday reported a 7 percent decline in standalone net profit. 6,068 crore for the first quarter of the current financial year due to decline in revenue.

The bank reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22.

Its standalone gross income fell 74,998.57 crore in the first quarter of 2022-23 77,347.17 crore during the same period a year ago.

The bank’s gross non-performing assets (NPA) ratio improved to 3.91 percent from 5.32 percent at the end of June last year.

Similarly, net NPAs declined to 1.02 per cent in June 2022 from 1.7 per cent a year ago.

On a consolidated basis, SBI’s net profit declined marginally 7,325.11 crore as compared to Rs 7,379.91 crore in the corresponding quarter of the previous year.

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