SBI reports Rs.20,698 crore profit for March Quarter 2024

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

• 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 31^st 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.