SBI net profit dips 7 pc to Rs 6,068 cr in Q1

The countrys biggest lender State Bank of India SBI on Saturday posted a 7 per cent decline in standalone net profit at Rs 6,068 crore for the first quarter of the current financial year due to fall in income.

The country's biggest lender State Bank of India (SBI) on Saturday posted a 7 percent decline in standalone net profit at Rs 6,068 crore for the first quarter of the current financial year due to fall in income. The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22. Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23, as against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing. The bank's gross non-performing assets (NPA) ratio improved to 3.91 percent from 5.32 percent at June-end last year. Similarly, net NPAs declined to 1.02 percent in June 2022 from 1.7 percent a year ago. On a consolidated basis, SBI's net profit fell marginally to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter a year ago.