New Delhi. The net profit of the country’s largest lender State Bank of India (SBI) jumped 83 percent to Rs 16,694.51 crore in the fourth quarter of the last financial year 2022-23. The increase in profit was mainly due to increase in interest income and lower provision for bad loans.
SBI gave this information to the stock market. Due to this, the net profit of SBI in the January-March quarter of the previous financial year 2021-22 was Rs 9,113.53 crore on a standalone basis. Interest income increased by 31 percent to 92,951 in the March quarter of the financial year 2022-23. Crore rupees.
Provision in lieu of bad loans (NPAs) decreased to Rs 3,315.71 crore in the quarter ended March 2023, from Rs 7,237.45 crore in the January-March quarter of 2021-22. SBI’s net profit in the entire financial year 2022-23 59 percent 50,232.45 crores. Earlier, the profit in the financial year 2021-22 was Rs 31,675.98 crore.
SBI has recommended a dividend of Rs 11.30 (1130 per cent) for the financial year ending March 31, 2023. The date of dividend payment has been fixed as 14th June.