The country’s biggest lender, State Bank of India (SBI), on Friday said its fourth-quarter profit surged 41 per cent to Rs 9,114 crore on a yearly basis due to decline in bad loans.
SBI had registered a profit of Rs 6,451 crore in Q4 2020-21 (FY21).
Income from interest on loans rose 8.65 per cent, while provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said in a filing to exchanges.
The lender’s net profit during the financial year 2021-22 (FY22) grew by 55.19 per cent to Rs 31,676 crore.
SBI’s home loan segment, which constitutes nearly 23 per cent of its domestic advances, has grown by 11.49 per cent (YoY).
Corporate loans have also registered a growth of 11.15 per cent in Q4.
SBI’s total deposits were up 10.06 per cent, saving bank deposits rose 10.45 per cent and term deposits soared 11.54 per cent in the fourth quarter.
The board has recommended a dividend of Rs 7.10 per share or 710 per cent on the face value for FY22.