SBI's Q4 net zooms 83% to Rs 16,694 cr

The country's largest bank SBI on Thursday reported an 83 per cent jump in net profit at Rs 16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.

In the January-March quarter of 2021-22 financial year, State Bank of India's net profit on standalone basis was Rs 9,113.53 crore.

During the March quarter of 2022-23 fiscal, the bank's interest income rose 31 per cent to Rs 92,951 crore, SBI said in a regulatory filing.

Provisioning for bad loans and contingencies nearly halved to Rs 3,315.71 crore during the quarter, as against Rs 7,237.45 crore in the January-March period of 2021-22.

For the full 2022-23 fiscal, SBI's net profit increased 59 per cent to Rs 50,232.45 crore.

The profit in 2021-22 fiscal was Rs 31,675.98 crore.

SBI also declared a dividend of Rs 11.30 per equity share (1130 per cent) for the financial year ended March 31, 2023.

The date of payment for the dividend is fixed on June 14.