SBI's Q4 net profit zooms 83% to ₹16,694 cr

The country's largest bank SBI on Thursday reported an 83% jump in net profit at ₹16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.

In the January-March quarter of 2021-22 financial year, State Bank of India's net profit on standalone basis was ₹9,113.53 crore.

During the March quarter of 2022-23 fiscal, the bank's interest income rose 31 per cent to ₹92,951 crore, SBI said in a regulatory filing.

Provisioning for bad loans and contingencies nearly halved to ₹3,315.71 crore during the quarter, as against ₹7,237.45 crore in the January-March period of 2021-22.

For the full 2022-23 fiscal, SBI's net profit increased 59% to ₹50,232.45 crore. The profit in 2021-22 fiscal was ₹31,675.98 crore.

SBI also declared a dividend of ₹11.30 per equity share for the financial year ended March 31, 2023. The date of payment for the dividend is fixed on June 14.

Shares of SBI were trading at ₹581.75, down 0.81% in post noon trade on the BSE.