
State Bank of India (SBI) reported a net profit of Rs 9,163 crore for the October-December quarter of the financial year 2023-24. This marks a 35% decrease compared to the net profit of Rs 14,205 crore in the same period last year. The net profit fell short of the average estimate of Rs 13,525 crore from five brokerage firms. The bank attributed the decline in profit to a one-time exceptional item of Rs 7,100 crore.
SBI’s net interest income (NII) stood at Rs 39,815 crore, slightly below the estimated Rs 40,304 crore. The net interest margin of the bank was reported at 3.22%. The gross non-performing asset (NPA) ratio decreased to 2.42% from 3.14% in the corresponding quarter of the previous year. The net NPA ratio also improved to 0.64% compared to 0.77% last year. The slippage ratio increased by 17 basis points to 0.58%.
In terms of deposits, SBI witnessed a 13% growth, with total deposits reaching Rs 47.62 lakh crore. The bank’s current and savings account (CASA) deposits stood at Rs 18.81 lakh crore. On the advances front, total advances grew by 14.38% to Rs 35.84 lakh crore. Retail personal advances increased by 15% to Rs 12.96 lakh crore, while home loan advances grew by 13.16% to Rs 6.93 lakh crore.
In the third quarter of FY24, SBI reported a 30% rise in net profit at Rs 723 crore. The bank’s operating profit improved to Rs 1,780 crore, and total income increased to Rs 7,437 crore. The bank’s gross NPAs declined to 3.90% of gross loans, and net NPAs decreased to 0.62%.
These financial results indicate the performance of SBI during the specified period and provide insights into the bank’s profitability, asset quality, and growth in deposits and advances.