SBI net profit dips 7% to Rs 6,068 crore in Q1

New Delhi: The country's biggest lender State Bank of India (SBI) on Saturday posted a 7 per cent decline in standalone net profit at Rs 6,068 crore for the first quarter of the current financial year due to fall in income.

The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22.

Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23, as against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.

The bank's gross non-performing assets (NPA) ratio improved to 3.91 per cent from 5.32 per cent at June-end last year.

Similarly, net NPAs declined to 1.02 per cent in June 2022 from 1.7 per cent a year ago.

On a consolidated basis, SBI's net profit fell marginally to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter a year ago.