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State Bank of India (SBI), the largest bank in India, reported a 24% rise in net profit for the quarter ended March 31, 2024. The bank’s net profit stood at Rs 20,698 crore, surpassing analysts’ estimates of Rs 13,400 crore.
Profitability
- Net Profit for FY24 stands at ₹61,077 crores witnessing a growth of 21.59% YoY after accounting for wage settlement and one-time exceptional item of ₹7,100 crores. Net Profit for Q4FY24 grew by 23.98% to ₹20,698 crores.
- Operating Profit for FY24 grew by 12.05% YoY to ₹93,797 crores; while Operating Profit for Q4FY24 grew by 16.76% YoY to ₹28,748 crores.
- Bank’s ROA and ROE for FY24 stand at 1.04% and 20.32% respectively.
- ROA at 1.36% for Q4FY24 improved by 13 bps YoY.
- Net Interest Income (NII) for FY24 increased by 10.38% YoY.
- Whole Bank NIM for FY24 is marginally down by 9 bps YoY to 3.28%.
Balance Sheet
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- Credit growth is at 15.24% YoY with Domestic Advances growing by 16.26% YoY.
- Corporate Advances and Agri Advances cross ₹11 lakh crores and 3 lakh crores respectively.
- Foreign Offices’ Advances grew by 9.47% YoY.
- Domestic Advances growth driven by SME Advances (20.53% YoY) followed by Agri Advances which grew by 17.92% YoY.
- Retail Personal Advances and Corporate loans registered YoY growth of 14.68% and 16.17% respectively.
- Whole Bank Deposits grew at 11.13% YoY, out of which CASA Deposit grew by 4.25% YoY. CASA ratio stands at 41.11% as on 31st March 24.
Asset Quality
- Gross NPA ratio at 2.24% improved by 54 bps YoY.
- Net NPA ratio at 0.57% improved by 10 bps YoY.
- PCR (Incl. AUCA) stands at 91.89% with Provision Coverage Ratio (PCR) being at 75.02%.
- Slippage Ratio for FY24 improved by 3 bps YoY and stands at 0.62%.
- Credit Cost for FY24 improved by 3 bps YoY and stands at 0.29%.
Capital Adequacy
- Capital Adequacy Ratio (CAR) as at the end of FY24 stands at 14.28%.
Alternate Channels
- Share of Alternate Channels in total transactions increased from ~96.9% in FY23 to ~97.8% in FY24.
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