SBI net profit dips 6.7 per cent to 6,068 cr in Q1FY23

The State Bank of India (SBI) has reported a marginal fall in net profit of 6.70 per cent year-on-year to Rs 6,068 crore in the first quarter of financial year 2022-23, as  compared with Rs 6,504 crore in the same period of the previous fiscal, owing to mark-to-market losses on investments in government securities. The treasury losses have been attributed to rising yields on government bonds, caused by the Reserve Bank of India’s decision to raise interest rates.