State Bank of India (SBI) on Friday said its overall exposure to the Adani Group is at 0.88 per cent of the book or around Rs 27,000 crore. After the country’s largest lender reported a 62 per cent growth in its net profit at Rs 15,477 crore during the December 2022 quarter, SBI chairman Dinesh Khara said that the bank has not given any loans against shares to the group, reported PTI.
SBI Chairman also said the bank does not envisage the embattled Adani group facing any challenge to service its debt obligations.
Khara stressed lending to Adani Group projects is with regard to one having tangible assets and adequate cash flows. The group has an excellent repayment record, the SBI chairman added. He also said there has not been any refinance request, which has come from the Adani group.
SBI December 2022 Quarter
SBI on a standalone basis, the lender’s net post-tax profit grew to Rs 14,205 crore during the October-December 2022 period, which was up from Rs 8,432 crore in the year-ago period and Rs 13,265 crore in the preceding July-September quarter.
The public sector lender’s total income grew to Rs 98,084 crore from Rs 78,351 crore in the year-ago period, while the operating expenses were up at Rs 24,317 crore from Rs 20,839 crore, as per an exchange filing.
The provisions for non-performing assets nearly halved to Rs 1,586 crore for the reporting quarter.
The gross non-performing assets ratio reduced to 3.14 per cent as against 3.52 per cent three months ago and 4.50 per cent in the year-ago period.
The SBI scrip gained 3.12 per cent to close at Rs 544.45 a piece on the BSE, as against a 1.52 per cent jump on the benchmark.