SBI net profit dips 7 pc to Rs 6,068 cr in Q1

The countrys biggest lender State Bank of India (SBI) on Saturday posted a 7 per cent decline in standalone net profit at Rs 6,068 crore for the first quarter of the current financial year due to fall in income. The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22. Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23, as against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing. The banks gross non-performing assets (NPA) ratio improved to 3.91 per cent from 5.32 per cent at June-end last year. Similarly, net NPAs declined to 1.02 per cent in June 2022 from 1.7 per cent a year ago. On a consolidated basis, SBIs net profit fell marginally to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter a year ago.

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