The State Bank of India (SBI), the country’s largest public-sector lender, has reported impressive financial results for the fourth quarter ended March 31, 2023. The bank’s net profit witnessed a significant surge of 83 percent, reaching a record high of Rs 16,694 crore.
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Rise in Profit: SBI recorded a remarkable 83 percent year-on-year (YoY) increase in net profit, surpassing market estimates. The bank’s net profit rose from Rs 9,113 crore in the corresponding quarter of the previous financial year to Rs 16,694 crore. Additionally, for the entire financial year 2022-23, SBI achieved a profit of Rs 50,232 crore, a substantial rise from Rs 31,675 crore in 2021-22. This marks SBI’s highest-ever quarterly and yearly profit.
Deposit Growth: SBI’s deposits experienced a healthy YoY growth of 9.19 percent. Notably, current account and savings account (CASA) deposits grew by 4.95 percent YoY. As of March 31, 2023, the CASA ratio stood at 43.80 percent.
Also Read: RBI expects banks to completely stop using LIBOR by July
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