SBI Q1 Results Fy22-2023 PAT declined to Rs 7325 Cr

08 August 2022
5 min read

The largest bank in India, State Bank of India, announced its financial results for the first quarter of FY23 on 6th August 2022. The bank reported its profit after tax (PAT) at Rs. 7,325.11 crore in Q1 FY23, which declined marginally by 0.74% YoY from Rs. 7,379.91 crore in Q1 FY22. 

This decline can be attributed to an increase in the SBI's operating expenses relating to its insurance business as well as other operating expenses and interest expenses. Operating Profit of the bank also declined 32.79% YoY to Rs. 12,753 crores in Q1 FY23 as against Rs. 18,975 crores in Q1 FY22, impacted by mark-to-market (MTM) losses on its investment book. 

The MTM hit also had an adverse impact on the return on assets (ROA), which stood at 0.48% in Q1 FY23, down from 0.57% in Q1 FY22, and the return on equity (ROE), which was reported at 10.09% in Q1 FY23 as against 12.12% in Q1 FY22. 

The Net Interest Income (NII) of SBI increased 12.87% YoY to Rs. 31,196 crore in Q1 FY23 from Rs. 27,638 crore in the same quarter of the previous year. The Domestic Net Interest Margin (NIM) for the quarter under review also increased by 8 bps YoY to 3.23%.

The bank’s balance sheet size crossed Rs. 50 lakh crores during the quarter. There was a credit growth of 14.93% YoY, with gross advances standing at Rs. 29,00,636 crore in Q1 FY23. Foreign Offices’ Advances of the bank stood at Rs. 4,49,816 crore, up 22.39% YoY. 

Additionally, domestic advances during Q1 FY23 grew 13.66% YoY to Rs. 24,50,821 crore. This growth was driven by an increase in retail personal advances, which stood at Rs. 10,34,111 crore in Q1 FY23, up 18.58% YoY. Out of this, home loans grew by 13.77% YoY and the corporate loan book grew by 10.57%. At the same time, SME and agri loans too registered a YoY growth of 10.01% and 9.82% respectively. 

Whole bank deposits of SBI grew at 8.73% YoY, out of which the CASA deposit grew by 6.54% YoY and stood at Rs. 17,67,666 crore in Q1 FY23, as against Rs. 16,59,234 in Q1 FY22. The CASA ratio stood at 45.33% in the quarter ended 30th June 2022. 

Gross NPA ratio of the bank was down by 141 bps YoY at 3.91%, with Gross NPAs standing at Rs. 1,13,272 crore during the quarter. The Net NPA ratio also decreased by 77 bps YoY at 1.00%, with the Net NPAs recorded at Rs. 28,258 crore in Q1 FY23. 

The earnings per share (EPS) of the multinational public sector bank stood at Rs. 8.21 in Q1 FY23, down from Rs. 8.27 in Q1 FY22. 

Hits of SBI Q1 Results Fy22-2023

  • Net Interest Income (NII) increased 12.87% YoY to Rs. 31,196 crore in Q1 FY23.
  • Domestic Net Interest Margin (NIM) increased by 8 bps YoY to 3.23%. 
  • Credit growth of 14.93% YoY was recorded with gross advances standing at Rs. 29,00,636 crore in Q1 FY23. 
  • CASA deposit grew by 6.54% YoY and stood at Rs. 17,67,666 crore in Q1 FY23.
  • CASA ratio stood at 45.33% in Q1 FY23.
  • Gross NPA ratio of the bank was down by 141 bps YoY at 3.91%.
  • Net NPA ratio also decreased by 77 bps YoY at 1.00%.
  • Foreign Offices’ Advances of the bank stood at Rs. 4,49,816 crore, up 22.39% YoY. 
  • Domestic advances grew 13.66% YoY to Rs. 24,50,821 crore.
  • Whole bank deposits grew at 8.73% YoY.
  • Provision Coverage Ratio (PCR) improved by 719 bps YoY at 75.05%.
  • Slippage Ratio improved by 109 bps YoY and stood at 1.38%.
  • Credit Cost improved by 18 bps YoY and stood at 0.61%. 

Misses of SBI Quarterly Results

  • Profit after tax (PAT) stood at Rs. 7,325.11 crore in Q1 FY23, down by 0.74% YoY.
  • Operating Profit declined 32.79% YoY to Rs. 12,753 crores in Q1 FY23. 
  • Return on assets (ROA) stood at 0.48% in Q1 FY23, down from 0.57% in Q1 FY22.
  • Return on equity (ROE) was reported at 10.09% in Q1 FY23 as against 12.12% in Q1 FY22.
  • EPS stood at Rs. 8.21 in Q1 FY23, down from Rs. 8.27 in Q1 FY22. 

Segment-wise revenue of SBI Q1 Results

  • Treasury operations: Revenue down 29.46% YoY to Rs. 18,404.43 crore in Q1 FY23 from Rs. 26,092.61 crore in Q1 FY22.
  • Corporate/Wholesale banking operations: Revenue up 0.62% YoY to Rs. 19,728.26 crore in Q1 FY23 from Rs. 19,607.55 crore in Q1 FY22.
  • Retail banking operations: Revenue up 16.5% YoY to Rs. 37,247.22 crore in Q1 FY23 from Rs. 31,971.91 crore in Q1 FY22.
  • Insurance business: Revenue up 22.75% YoY to Rs. 15,480.96 crore in Q1 FY23 from Rs. 12,611.74 crore in Q1 FY22.
  • Other banking operations: Revenue up 29.2% YoY to Rs. 4,531.71 crore in Q1 FY23 from Rs. 3,507.54 crore in Q1 FY22.
  • Unallocated: Revenue up 29.34% YoY to Rs. 147.49 crore in Q1 FY23 from Rs. 114.03 crore in Q1 FY22.  

Other things to know about SBI

  • 65% of the SB accounts and 38% of retail asset accounts of the bank were acquired digitally through YONO. 
  • Share of Alternate Channels in total transactions increased to 96.6% in Q1 FY23 from 95.1% in Q1 FY22.
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