SBI Q1 Review - Stable Core Performance: Systematix
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Systematix Research Report
State Bank of India’s Q1 FY22 show was below the domestic banking industry’s performance in terms of balance-sheet expansion; domestic credit and deposit growth was 5.6% and 9.2% YoY versus 6.2% and 9.8% YoY for the banking industry.
Traction in the overseas credit book pushed overall credit growth at 5.8% YoY.
Current account and savings account deposit grew 10.7% YoY; domestic CASA composition was stable at 46% on a QoQ basis.
SBI’s current account deposit growth contracted 17.5% QoQ; 10% of the contraction was due to the Reserve Bank of India’s guidelines on current account deposits while the remaining 7.5% was due to the cyclicality in the first quarters.
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