State Bank of India (SBI), the country's largest lender, reported a net profit of Rs 6,450.7 crore for the quarter ended March 2021, registering a jump of 80.1 percent from Rs 3,580.8 crore in the year-ago period.
The bank's net interest income (NII) during Q4FY21 rose 18.9 percent to Rs 27,067 crore as against 22,767 crore, YoY.
The bank's net profit and NII were below CNBC-TV18 Analysts' poll estimates of Rs 6,726.8 crore and Rs 27,387.6 crore, respectively.
Domestic net interest margin (NIM) in Q4FY21 rose by 17 bps to 3.11 percent from 2.94 percent, YoY. However, it declined by 23 bps from 3.34 percent in the December quarter.
SBI’s asset quality during the quarter improved significantly as gross non-performing assets (NPA) in Q4FY21 fell 6 percent to Rs 1.26 lakh crore from Rs 1.34 lakh crore, and net NPA decreased 14 percent to Rs 36,810 crore from Rs 42,797 crore, QoQ.
Gross NPA (as a percentage of gross advances) declined by 46 bps to 4.98 percent from 5.44 percent, while net NPA (as a percentage of net advances) fell 31 bps to 1.50 percent from 1.81 percent, on a sequential basis.
Provisions and contingencies fell 18.1 percent year-on-year to Rs 11,051 crore (which included loan loss provisions of Rs 9,914.23 crore) in the January-March 2021 quarter. It increased 6.9 percent, sequentially.
Provision Coverage Ratio (PCR) has improved to 87.75 percent, up 413 bps YoY.
Fresh Slippages in Q4 were at Rs 21,934 crore. This includes proforma (which was tagged NPA in Q4) at Rs 16,461 crore and new addition to NPA in Q4 of Rs 5473 crore.
The bank received restructuring requests of Rs 17,852 crore as of Q4FY21. Total Slippages and Restructuring for FY21 was Rs 46,416 crore.
Recovery and Upgrades were at Rs 4,329 crore.
Total deposits grew at 13.56 percent YoY, out of which Current Account Deposit grew by 27.36 percent YoY, while Saving Bank Deposits grew by 14.79 percent YoY, the bank said in a regulatory filing.
Domestic Credit Growth stood at 5.67 percent YoY, mainly driven by Retail (Personal) Advances (16.47% YoY), SME (4.24% YoY) and Agri Advances (3.92% YoY).
State Bank of India has declared a dividend of Rs 4 per share for the financial year ended March 2021.
On Friday, the shares of SBI closed 4.30 percent higher at Rs 401.10 apiece on the BSE.