Homeearnings Newssbi q1 net profit falls 67 at rs 60681 crore misses street estimates 14394752.htm

    SBI Q1 net profit falls 6.7% at Rs 6,068.1 crore, misses Street estimates

    earnings | IST

    SBI Q1 net profit falls 6.7% at Rs 6,068.1 crore, misses Street estimates

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    The State Bank of India (SBI) on Saturday reported a 6.7 percent year-on-year fall in net profit for the quarter ended June 30, 2022 at Rs 6068.1 crore. The net profit missed analysts’ expectations of Rs 7,688.2 crore profits.

    The State Bank of India (SBI) on Saturday reported a 6.7 percent year-on-year fall in net profit for the quarter ended June 30, 2022 at Rs 6068.1 crore. The net profit missed analysts’ expectations of Rs 7,688.2 crore profits.
    #SBI reports Q1 net profit down 6.7% at ₹6,068.1 cr vs ₹6,504 cr (YoY)
    Operating profit was hit by mark-to-market losses on the bank's investment book which also had an impact on its return on assets and return on equity, key financial metrics, SBI said in a news after its regulatory filing.
    The lender's gross and net NPAs were up at 1 percent each at Rs 1.13 lakh crore and Rs 28,257.9 crore respectively.
    Other income came in at Rs 2,312 crore. In the quarter, cost to income ratio rose to 61.94 percent vs 51.89 percent year-on-year and versus 54.23 percent quarter-on-quarter. The operating profits were weak at Rs 12,753 crore, down 32.8 percent YOY and 35.3 percent QOQ.
    Provisions came in at Rs 4,392 crore, down 56.3 percent YOY and  39.3 percent QOQ.
    On earnings, SBI's chairman Dinesh Kumar Khara said that large part of quarter remained dominated by concerns about inflation and exchange rates.
    "Our subsidiaries continue to create significant value for customers and shareholders," he said.
    SBI share price has risen 11 percent in the last one month and is now close to its 52-week high. On Friday, SBI share price ended at Rs 532 per share.
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