SBI Q1 outcomes: PAT jumps 55% YoY to record high of Rs 6,504 cr, beats estimates

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State Bank of India today reported a 55 per cent year-on-year rise in net profite to Rs 6,504 crore, its highest ever, which was also sharply higher than Street’s expectations. The bottomline of the lender was boosted by lower provisioning and higher other income in the quarter.

Provisions and contingencies dipped 19.6 per cent on-year to Rs 10,051.96 crore in the reported quarter, while other income soared 48.5 per cent to Rs 11,802.7 crore.

  • Bank has registered its highest quarterly Net Profit of Rs. 6,504 Crores in Q1FY22. This represents increase of 55.25% YoY.
  • The Operating Profit increased by 5.06% to Rs. 18,975 Crores in Q1FY22 from Rs.18,061 Crores in Q1FY21. The operating profit excluding exceptional item increased by 14.85%.
  • Net Interest Income for Q1FY22 increased by 3.74% YoY.
  • Domestic NIM for Q1FY22 at 3.15%, has declined by 9 bps YoY.
  • Non-Interest Income for Q1FY22 at Rs.11,803 Crores grew by 24.28% YoY.
  • Total Deposits grew at 8.82% YoY. Current Account Deposits grew by 11.75% YoY and Saving Bank Deposits grew by 10.55% YoY.
  • Domestic Credit Growth stood at 5.64% YoY, mainly driven by Retail (Personal) Advances (16.47% YoY), Agri Advances (2.48% YoY) and SME (2.01% YoY).
  • Including the growth in Corporate Bonds / CPs at Rs.23,346 crores, the loan book has grown by 6.27% YoY.
  • Home loan, which constitutes 23% of Bank’s domestic advances, has grown by 10.98% YoY.
  • Net NPA ratio at 1.77% isdown 9 bps YoY. Gross NPA ratio at 5.32% is down 12 bps YoY.
  • Provision Coverage Ratio (PCR) is at 85.93%, down 39 bps YoY.
  • Slippage Ratio for Q1FY22 is at 2.47% from 0.60% as at the end of Q1FY21.
  • Credit Cost as at the end of Q1FY22 has declined 77 bps YoY to 0.79%.
  • Cost to Income Ratio has declined by 261 bps sequentially from 54.50% in Q4FY21 to 51.89% in Q1FY22, while it has increased by 187 bps YoY.
  • Capital Adequacy Ratio (CAR) has improved by 26 bps YoY to 13.66% as on Jun 2021 – without including Q1FY22 Profit.
  • Return on Assets (RoA) increased by 15 bps YoY to 0.57% in Q1FY22 against 0.42% in Q1FY21.
  • Return on Equity (RoE) increased by 357 bps YoY to 12.12% in Q1FY22 against 8.55% in Q1FY21.

Share of Alternate Channels in total transactions has increased from 93% in Q1FY21 to 95% in Q1FY22.

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