SBI's standalone net profit decreases 7% to Rs. 6,068 billion.

SBI reported a standalone net income of Rs 6,068 crore for the first quarter of the current financial year . Domestic Advances increased 13.66 percent year on year, while Foreign Offices increased by 22.39 percent year on year .

SBI, India's largest lender, reported a standalone net income of Rs 6,068 crore for the first quarter of the current financial year, down from Rs 6,504 crore recorded in the corresponding period of the previous year, reflecting a year-on-year decline of 7 per cent.SBI's standalone income decreased to Rs 74,998.57 crore for the quarter ended June 30, 2022, as compared to Rs 77,347.17 crore recorded in the same period last year Domestic Advances increased 13.66 percent year on year, while Foreign Offices increased by 22.39 percent year on year.The increase in domestic advances was attributed to a 18.58 percent increase in personal advancements.During the quarter under review, the banks' operating income fell to Rs 12,753 crore in the first quarter of the current financial year relative to Rs 18,975 crore in the corresponding quarter of the previous year, owing to losses on investment book (MTM).SBI's net interest income (NII) increased 12.87 percent YoY to Rs 31,196 crore as compared to Rs 27,638 crore recorded in the corresponding quarter last year.SBI's gross non-performing assets (NPA) ratio increased to 3.9 percent at June-end 2022, up from 5.7 percent at June-end 2021.