SBI said that its net profit had soared 83% to Rs 16,694.51 crore in the fourth quarter of FY 2022-23, aided by higher interest income and lower provisioning.
Comparing to the same period in the previous financial year, where SBI's standalone net profit was Rs 9,113.53 crore, the current results mark a significant improvement. SBI disclosed in a regulatory filing that its interest income surged by 31% to Rs 92,951 crore during the March quarter of the 2022-23 fiscal year.
Provisioning for bad loans and contingencies declined significantly and was more than halved to Rs 3,315.71 crore in the quarter from Rs 7,237.45 crore in the corresponding period of the previous year.
The bank's net profit for the full fiscal year of 2022-23 surged by 59 percent to Rs 50,232.45 crore against Rs 31,675.98 crore in the previous fiscal year.
It also declared that SBI would pay a dividend of Rs 11.30 per equity share (1130 percent) for the financial year ended March 31, 2023. The dividend payout is due on June 14.
SBI shares were seen trading down 0.81 percent during post-noon trade at Rs 581.75 on the BSE.
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