SBI Quarterly results are out! 🏦🏦

SBI shares fell by over 3 percent in the morning session as the quarterly result released on august 6th could not match analyst expectations.

⬇️Bank’s net profit has declined by over 7% from Rs 6,504 Cr June 2021-22 to Rs 6,068 Cr June 2022-23.
⬇️Standalone revenue has declined to Rs 74,998.57 Cr June 2022-23 against Rs 77,347.17 Cr in June 2021-22
⬆️Net Interest Income (Difference between interest income the bank earns from giving out loans and the interest it pays to the depositors) grew by 12.87% to Rs 31,196 Cr in the June quarter.
⬆️Provisions towards bad loans have decreased by 15% to Rs 4268 Cr aiding net profit growth.

Net profit has mainly declined due to the losses incurred in fixed income securities investments. In the past couple of months, Bond Yield has been rising and consequently, bond prices have increased leading to losses for the bank which have to be reported on the books of accounts of the bank.
SBI’s Chairman Mr Dinesh Khara has mentioned that the bank will take necessary steps to avoid losses due to the fixed income securities segment.

What are your views on SBI’s quarterly performance❓