<p>The country’s largest lender State Bank of India on Thursday reported the highest ever yearly profit of Rs 50,232 crore for the fiscal ended March 2023, registering a year-on-year growth of 58.58% on the back of robust jump in interest income. </p>.<p>For the January-March 2023 quarter, the company’s profit surged by 83% year-on-year to Rs 16,694 crore. Both quarterly and yearly profit numbers are the highest ever posted in the bank’s history.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/sc-refuses-sbis-plea-on-judgement-on-defaulters-accounts-1218182.html" target="_blank">SC refuses SBI's plea on judgement on defaulters' accounts</a></strong></p>.<p>The bank’s net interest income (NII), the difference between interest earned and spent, surged by 29% to Rs 40,393 crore for the fourth quarter of 2022-23 as compared to Rs 31,198 crore recorded in the corresponding period of the previous year. For the full year 2022-23, the company’s net interest income rose by 19.99%.</p>.<p>Net interest margin (NIM) of SBI for the year 2022-23 increased by 22 basis points to 3.58%. Domestic NIM for the fourth quarter of 2022-23 increased by 44 basis points year-on-year to 3.84%.</p>.<p>The government-run bank recorded significant improvement in asset quality. SBI's gross non-performing assets declined to Rs 90,027 crore in 2022-23 from Rs 1.12 lakh crore in the previous year. The bank’s gross non-performing assets ratio declined from 3.97% in Q4 of 2021-22 to 2.78% in Q4 of 2022-23, the lowest in 10 years.</p>.<p>SBI’s net non-performing assets ratio declined to 0.67% in the quarter ended March 2023 from 1.02% registered in the corresponding period of last year.</p>.<p>The company’s board at its meeting held on Thursday approved a dividend of Rs 11.30 per equity share (1130%) for the financial year ended March 2023. The date of dividend payment is fixed on June 14. </p>
<p>The country’s largest lender State Bank of India on Thursday reported the highest ever yearly profit of Rs 50,232 crore for the fiscal ended March 2023, registering a year-on-year growth of 58.58% on the back of robust jump in interest income. </p>.<p>For the January-March 2023 quarter, the company’s profit surged by 83% year-on-year to Rs 16,694 crore. Both quarterly and yearly profit numbers are the highest ever posted in the bank’s history.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/national/sc-refuses-sbis-plea-on-judgement-on-defaulters-accounts-1218182.html" target="_blank">SC refuses SBI's plea on judgement on defaulters' accounts</a></strong></p>.<p>The bank’s net interest income (NII), the difference between interest earned and spent, surged by 29% to Rs 40,393 crore for the fourth quarter of 2022-23 as compared to Rs 31,198 crore recorded in the corresponding period of the previous year. For the full year 2022-23, the company’s net interest income rose by 19.99%.</p>.<p>Net interest margin (NIM) of SBI for the year 2022-23 increased by 22 basis points to 3.58%. Domestic NIM for the fourth quarter of 2022-23 increased by 44 basis points year-on-year to 3.84%.</p>.<p>The government-run bank recorded significant improvement in asset quality. SBI's gross non-performing assets declined to Rs 90,027 crore in 2022-23 from Rs 1.12 lakh crore in the previous year. The bank’s gross non-performing assets ratio declined from 3.97% in Q4 of 2021-22 to 2.78% in Q4 of 2022-23, the lowest in 10 years.</p>.<p>SBI’s net non-performing assets ratio declined to 0.67% in the quarter ended March 2023 from 1.02% registered in the corresponding period of last year.</p>.<p>The company’s board at its meeting held on Thursday approved a dividend of Rs 11.30 per equity share (1130%) for the financial year ended March 2023. The date of dividend payment is fixed on June 14. </p>