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By Malvika Gurung
Investing.com – The country’s largest lender State Bank of India (NS: ) reported its best-ever net profit for the quarter ended September, up 73.9% to Rs 13,264.5 crore.
The state-owned lender’s chairman Dinesh Khara said on Saturday that SBI posted the highest profit ever recorded by any company, noting that analysts and broke houses were praising the lender’s financial performance.
“In the latest quarterly results, the bank’s profit is the highest. SBI has crossed the highest profit recorded by any company and analysts and brokerage houses are praising this,” said Khara.
To name a few brokers, Motilal Oswal (NS: ) Securities said SBI is in ‘car weather’, while ICICI Securities (NS: ) sees SBI ‘firing on all cylinders’.
According to the chairman of the banking behemoth, SBI is the ‘hub of India’s economy’ with 47 crore customers. The lender has improved customer service but still has a long way to go, said Khara, as quoted in a PTI report.
The lender’s key profitability metric – net interest margin (NIM) improved 5 basis points YoY and 32 bps QoQ to 3.55% and cost of credit rose 15 bps to 0.28% in the September quarter.
SBI’s capital health improved as gross NPA eased to 3.52% from 4.9% in the year-ago period, while net NPA declined to 1.52% in Q2 FY22. 0.8.
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