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ICICI Direct Report
State Bank of India delivered highest ever quarterly profit after tax. Gross non-performing asset, net non-performing asset improved 39 basis points, 20 bps QoQ, respectively; slippage ratio at 0.33%.
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Net interest income up 12.8% YoY, net interest margins improved QoQ by 30 bps.
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SBI's other income jumped meaningfully QoQ as Q1 FY23 was impacted by treasury losses. Provision down 30.1% QoQ, 60.0% YoY. Profit after tax up 73.9% YoY at Rs 13263 crore.
Gross advances up 20.8% YoY, Deposits growth came in line at 10.0% YoY to Rs 41.9 lakh crore where current accoung and savings account deposits grew 5.4% YoY. Thus, CASA ratio declined slightly from 45.3% to 44.63% QoQ and 46.24% in Q2 FY22.
Return on equity touched 18% and return on asset at 1.04% (quarterly annualised) after several years.
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