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- 05 Nov 2022
- ICICIdirect Research
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SBI DELIVERS HIGHEST EVER QUARTERLY PROFIT
SBIN - 754 Change: 5.55 (0.74 %)News:
- Operational performance was above estimates with NII growth at 12.8 % both YoY and QoQ to Rs 35183 crore, due to improvement in NIMs (up 30 bps QoQ) to 3.55%(domestic) and high loan growth. Other income was up 8.1% YoY and witnessed meaningful jump QoQ as expected as Q1FY23 was impacted on account of MTM loss. In Q2FY23 trading income was at Rs 457 crore vs a loss of Rs 6549 crore in previous quarter
- As a positive surprise, Fresh slippages declined to Rs 2399 crore from Rs 9740 crore in Q1FY23. Thus, slippage ratio was at 0.33% vs 1.38% in previous quarter. Asset quality improved as GNPA ratio fell 39 bps QoQ to 3.5% while net NPA was down 20 bps QoQ to 0.8%
- Provisions declined 30.8% QoQ and 60.0% YoY to Rs 3039 crore but loan loss provisions declined from Rs 4268 crore in Q1FY23 to Rs 2011 crore. Led by lower provisions and healthy top-line, PAT grew 73.9% YoY and up ~2x QoQ at Rs 13263 crore, highest ever quarterly profit
- Operating expenses up 7.6% YoY and 10.5% QoQ mainly led by business related costs
- We estimated 18% credit growth but bank reported overall gross credit growth at 20.8% YoY to Rs 29.5 lakh crore, led by corporate loans which was up 21.18% YoY and 18.8% YoY growth in retail segment. Foreign loans were up 30.1% YoY at Rs 4.87 lakh crore
- Deposits growth came in line at 10.0% YoY to Rs 41.9 lakh crore where CASA deposits grew 5.4% YoY. Thus, CASA ratio declined slightly from 45.3% to 44.63% QoQ and 46.24% in Q2FY22
- RoE touched 18% and RoA at 1.04%(qtrly annualised) after several years