Limited (SBI) on Friday reported a 178.24 per cent year-on-year (YoY) rise in standalone net profit at Rs 16,884.29 crore for the June quarter compared with Rs 6,068.08 crore in the same quarter last year. This was the record net profit for the fourth quarter in a row. The profit figure also came in better than the 120-160 per cent growth that analysts forecast ahead of the quarterly results.

Net interest income (NII) for the quarter came in at Rs 38,905 crore, up 24.71 per cent over Rs 31,196 crore in the corresponding quarter last year. This was largely in line with Street estimates. Net interest margin (NIM) improved 24 basis points YoY to 3.47 per cent in the June quarter from 3.23 per cent in the year-ago quarter. NIM, however, was down 37 basis points over 3.84 per cent in the March quarter.

Asset quality improved, with gross non-performing assets ratio coming in at 2.76 per cent, which was 115 basis points lower than the year-ago’s 3.91 per cent. The state-run bank made provisions worth Rs 2,501.31 crore for the quarter, which were less than Rs 3,315.71 crore in March and Rs 4.392.38 crore in the same quarter last year.

The bank said its gross advances were up 13.90 per cent YoY at Rs 33,03,731 crore compared with Rs 29,00,636 crore as on June 30, 2022. Deposits grew 12 per cent YoY to Rs 45,31,237 crore from Rs 40,45,696 crore in the year-ago period.

Slippage ratio stood at 0.94 per cent against 0.41 per cent in March and 1.38 per cent in the year-ago quarter. Credit cost stood at 0.32 per cent against 0.16 per cent in March and 0.61 per cent in the year-ago quarter.

The total non-NPA provisions (not included in PCR) stood at Rs 34,955 crores, which were 152 per cent of net NPAs at the end of Q1FY24, SBI said in a presentation.