sbi share price today, SBI Bank’s profit decline..Investors in sorrow! – sbi q1 results fall down 6.7 percent in june quarter 2022.

by time news
India’s largest bank SBI Bank has released its results for the first quarter of its financial year 2022. Accordingly, the bank’s annualized net profit fell by 6.7% to Rs 6068.08 crore in the first quarter of this fiscal.

Its net profit for the first quarter of the same financial year last year was Rs 6504 crore. The news that SBI Bank will not be in bankruptcy in the second quarter of FY 2022 has come as a major disappointment to shareholders and investors.

In the quarter ended March 21 of the previous financial year, SBI had posted Rs. 9,113.53 crore, the leading public sector bank has seen a steep decline in net profit since then.

Its total revenue for the first quarter of 2022-23 is Rs. 74,998.57 crore, down from Rs. 77,347.17 crore, SBI said in a regulatory filing.

The bank’s gross non-performing assets (NPA) ratio improved to 3.91 percent this year from 5.32 percent at the end of June last year.

SBI’s net profit fell to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter last year.

SBI Bank’s loan book grew by 10.57 per cent, while SME and agricultural loans grew by 10.01 per cent and 9.82 per cent respectively.

SBI stock price is currently down 0.90%. Currently SBI share price is Rs 532.35.

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