SBI shares slump 2.4 per cent on disappointing Q1 earnings
Aug 08, 2022
Mumbai (Maharashtra) [India], August 8 : The share price of State Bank of India (SBI) slumped on Monday after the country's largest lender announced 7 per cent decline in its standalone net profit for the quarter ended June 30, 2022.
State Bank of India was trading 2.36 per cent down at Rs 518.15 at 1.40 pm at the BSE. The scrip slumped to a low of Rs 514 in the morning session.
SBI was the biggest loser among the Sensex stocks. SBI was trading deep in the red despite a general rally in the market.
The 30 stock S&P BSE Sensex was trading 529.99 points or 0.91 per cent higher at 58,917.92 points as against its previous session's close at 58,387.93 points.
The share price of SBI slumped on Monday after the announcement of the quarterly numbers.
On Saturday, SBI reported a standalone net profit of Rs 6,068 crore for the first quarter of the current financial year as compared to Rs 6,504 crore recorded in the corresponding period of the last year, registering a year-on-year decline of 7 per cent.
SBI's standalone total income fell to Rs 74,998.57 crore for the quarter ended June 30, 2022, as compared to Rs 77,347.17 crore recorded in the corresponding quarter of the last year.
As per a regulatory filing to the stock exchanges, State Bank of India's balance sheet size crossed Rs 50 lakh crore during the quarter under review.
The increase in the balance sheet was led by 14.93 per cent year-on-year growth in credit. Domestic Advances grew at 13.66 per cent year-on-year and Foreign Offices' Advances grew by 22.39 per cent year-on-year.
Domestic advances growth was driven by 18.58 per cent jump in retail personal advances. Home loans grew by 13.77 per cent year-on-year during the quarter under review.
The bank's operating profit slumped to Rs 12,753 crore in the first quarter of the current financial year as against Rs 18,975 crore recorded in the corresponding quarter of the previous year, impacted by mark-to-market (MTM) losses on investment book.
SBI's net interest income (NII) for the quarter ended June 30 rose 12.87 per cent YoY to Rs 31,196 crore as compared to Rs 27,638 crore recorded in the corresponding quarter of the last year.
