State Bank of India reported an 83 per cent YoY jump in fourth quarter standalone net profit at ₹16,695 crore, beating street expectations of a 66 per cent growth in net profit. This is the Bank’s highest quarterly net profit.

The profitability came on the back of robust growth in net interest income and non-interest income, and a sharp decline in provisions, including NPAs.

Net profit in the reporting quarter was up 18 per cent sequentially. The Bank had logged ₹14,205 crore net profit in the preceding quarter.

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The Bank’s board has declared a dividend of ₹11.30 per equity share for FY23.

Net interest income (the difference between interest earned and interest expended) rose 29 per cent YoY to ₹40,393 crore.

Non-interest income, comprising fee-based income, treasury income, and other non-interest income, was up 18 per cent YoY at 13,961 crore.

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Provisions (other than tax), including towards NPAs declined 54 per cent YoY to ₹3,316 crore.

Global advances increased by 17 per cent YoY to ₹31,99,269 crore. Global deposits rose 9 per cent YoY to ₹44,23,778 crore.

Gross NPA position improved to 2.78 per cent of gross advances against 3.14 per cent in the preceding quarter.

Net NPA position too improved to 0.67 per cent of net advances against 0.77 per cent in the preceding quarter.

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