SBI’s Q4 net zooms 83% to Rs 16,694 crore; FY’23 profit up 59% at Rs 50,232 crore


NEW DELHI: The largest bank in the country SBI on Thursday reported an 83 percent increase in net profit to Rs.16,694.51 crore for the fourth quarter of fiscal 2022-23 on higher interest income and lower provisions.
In the January-March quarter of fiscal year 2021-22 State Bank of IndiaThe net profit was Rs 9,113.53 crore on an individual basis.
In the March quarter of the 2022/23 financial year, the bank’s interest income rose 31 per cent to Rs.92,951 crore. SBI said in a regulatory filing.
Provisions for bad loans and contingent liabilities nearly halved during the quarter to Rs.3,315.71 crore compared to Rs.7,237.45 crore in January-March 2021-22.
For the full fiscal year 2022-23, SBI’s net income increased 59 percent to 50,232.45 crore. Profit in FY 2021-22 was Rs.31,675.98 crore.
SBI has also declared a dividend of Rs.11.30 per share (1130 percent) for the year ended 31 March 2023. The payment date for the dividend is set for June 14th.
Shares of SBI traded at Rs.581.75, down 0.81 percent in afternoon trade on the BSE.

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