MUMBAI: The country's largest lender -- State Bank of India -- has said it posted a surge of 74 per cent in its net profit to Rs 13,264 crore, against Rs 7,627 crore in the year-ago period.
In the lender's statement, SBI said its net interest income grew 12.8 per cent to Rs 35,183 crore.
Home loan portfolio grew 14 per cent to Rs 5.94 lakh crore and accounted for more than half its retail portfolio of Rs 10.7 lakh crore. It also said corporate loans surged 21 per cent year on year to Rs 9.2 lakh crore.
SBI Chairman Dinesh Khara said that although bank credit had been growing twice as fast as deposits, SBI has a large base of deposits.
"We have Rs 3.5 lakh crore, which was invested in liquid instruments when there was not enough opportunity to lend. We can now use this for funding credit growth," the chairman said while announcing the results.
The lender also said its advances rose 20 per cent year on year to Rs 30.3 lakh crore from Rs 25.3 lakh crore in September 2021.
It also mentioned that the demand for credit came from corporate loans as well as retail.
The statement also said that deposits soared 10 per cent year-on-year to Rs 41.9 lakh crore from Rs 38 lakh crore during the corresponding period the previous year.
During the quarter, the lender said it acquired 62 per cent of its savings account and 45 per cent of its retail loans through Yono, its lending app. The share of alternate channels in total transactions increased to 96.8 per cent from 95.1 per cent a year ago.
In the reviewed quarter, SBI said its slippage ratio stands at 0.33 which was 1.38 after the end of the first quarter of the current financial year whereas SBI's slippage ratio stood at 0.66 in the year-ago period.