Winning Bizness Desk

Mumbai. The country's largest bank State Bank of India (SBI) on 6 August released the financial results for the first quarter (April-June) of the financial year 2022-2023 and said that its net profit in the June quarter declined 6.7% year-on-year to Rs 6,058 crore. SBI's net profit stood at Rs 6504 crore in the same quarter of the previous financial year.

Drop in income

In the first quarter of the financial year 2022-23, the income of the bank fell to Rs 74,998.57 crore. It was Rs 77,347.17 crore in the same quarter last year. The Net Interest Income (NII) of the country's largest bank grew by 12.87% to Rs 31,196 crore in the June quarter, from Rs 27,638 crore in the corresponding quarter of the previous fiscal. Its standalone income declined to Rs 74,998.57 crore in the first quarter of FY 2022-23 from Rs 77,347.17 crore in the same quarter last year.

Big drop in non-interest income

A major reason for the decline in SBI's profit was the big fall in its non-interest income. SBI's non-interest income stood at only Rs 2,312 crore in the June quarter, as against Rs 11,802 crore in the corresponding quarter of the previous financial year.

NPA reduced

In terms of asset quality, the bank had a better June quarter and its gross NPA ratio improved to 3.91% from 5.32% in the June quarter of the previous financial year. Similarly, net NPAs also declined to 1.02% in June 2022 from 1.7% in June quarter of last year.