Omega Management logo

Credit growth of 14-16% expected in FY23: SBI chief

The country’s largest lender State Bank of India (SBI) Saturday reported a 74 per cent jump in its standalone profit after tax at Rs 13,265 crore in the quarter ended September 2022 as compared to Rs 7,627 crore in the year-ago quarter.

This was the highest-ever quarterly net profit posted by the lender, on the back of healthy net interest income (NII) growth and fall in bad loan provisioning.

Net interest income, which is the difference between the interest earned and interest expended, rose by 12.83 per cent to Rs 35,183 crore from Rs 31,184 crore last year. This growth was led by an improvement in credit off take in all the segments and strong asset quality, the bank’s Chairman Dinesh Khara told reporters.

Domestic net interest margin (NIM) improved 5 basis points (bps) to 3.55 per cent.

On the asset quality front, gross non performing assets (GNPA) ratio during the July-September 2022 quarter improved to 3.52 per cent from…

Read more…