Share of alternate channels of the State Bank of India in total transactions has increased from 95% in FY22 to 97% in FY23.
As per the bank’s announcement, net profit for FY23 stands at ₹ 502.32 billion witnessing a growth of 58.58% y/y, while net profit for Q4FY23 grew by 83.18% to ₹ 166.95 billion, the bank said in a statement. As per the balance sheet, credit growth is at 15.99% y/y with domestic advances growing by 15.38%. Foreign offices’ advances grew by 19.55% y/y.
Domestic advances growth driven by retail personal advances (17.64%), followed by SME advances which grew by 17.59%. Xpress Credit loans have crossed ₹ 3 trillions. Agri and Corporate loans registered YoY growth of 13.31% and 12.52% respectively. Whole bank deposits grew at 9.19% y/y.
Gross NPA ratio at 2.78% is down by 119 bps and Net NPA ratio at 0.67% down by 35 bps. Provision Coverage Ratio (PCR) at 76.39% improved by 135 bps, PCR improved by 171 bps YoY and stands at 91.91%.
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