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ICICI Direct Report
State Bank of India reported a stellar profit after tax beating estimates. Net interest income grew 24.05% YoY and 8.2% QoQ to Rs 38069 crore, led by strong 17.6% YoY advances growth and improvement in net interest margins (up 14 bps QoQ).
Overall gross credit reached Rs 31.3 lakh crore. Domestic advances growth was driven by retail personal advances growing 18.10% YoY and 4.6% QoQ followed by corporate advances, which grew 18.08% YoY. Small and medium enterprise and agri loans registered YoY growth of 14.16% and 11.52%, respectively. Foreign loans were up 21% YoY at Rs 4.86 lakh crore.
Deposits growth came in at 9.5% YoY to Rs 41.3 lakh crore where current account and savings account deposits grew 5.88% YoY. Thus, CASA ratio declined 15 bps from 44.63% to 44.48% QoQ.
SBI's asset quality improved as gross non-performing asset ratio fell 38 bps QoQ to 3.14% while net non-performing asset was down 3 bps QoQ to 0.77%.
Fresh slippages were at Rs 3098 crore versus Rs 2399 crore in Q2 FY23 and Rs 9740 crore in Q1 FY23. Overall provisions rose 89% QoQ to Rs 5760 crore led by higher standard assets provisions. Loan loss provisions declined from Rs 2011 crore in Q2 FY23 to Rs 1586 crore,
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