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ICICI Direct Report
State Bank of India reported a healthy operational performance with net interest income surging 14.6% YoY on the back of sequential improvement in margins.
Other income declined by 29% YoY and 10.2% QoQ as a result of higher base due to stake sale.
Cost to income ratio for the bank increased by 514 basis points QoQ to 55.16% led by one-off wage provision of approximately Rs 1,600 crore.
Provisions for the quarter declined by 19% QoQ and 23% YoY owing to lesser Covid-19 provisions.
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