SBI Q4 PAT rises 24% to ₹20,698 crore
The Hindu
SBI's Q4 net profit rises 23.98%, NII increases, loan loss provisions up, NPA declines, FY24 net profit highest ever.
State Bank of India (SBI) reported fourth-quarter standalone net profit rose 23.98% to ₹20,698 crore from the year-earlier period. Net Interest Income (NII) during the quarter ended March 31, 2024 increased marginally to ₹41,655 crore from ₹40,393 crore in the year-earlier period. Net Interest Margin declined 37 bps to 3.47%.
The bank’s loan loss provisions during the quarter increased 157.65% YoY to ₹3,294 crore, the country’s largest public sector lender said in a filing.
Gross non-performing assets during the quarter declined 7.32% to ₹84,276 crore and net non-performing assets declined 1.94% to ₹21,051 crore. Net profit for FY24 increased 21.59% to ₹61,077 crore over the previous year even after accounting for wage settlement and a one-time exceptional item of ₹7,100 crore.
NII for FY24 increased 10.38% YoY to ₹1,49,876 crore.
The bank’s NIM for FY24 marginally dropped by 9 bps YoY to 3.28%.
Credit growth was at 15.24% YoY with domestic advances growing by 16.26% YoY. Deposits grew at 11.13% YoY.
“Once again we have delivered excellent numbers. Our net profit for the financial year [FY24] is the highest ever. This is despite incurring wage revision expenses of ₹13, 387 crore as per the bipartite wage settlement and after absorbing additional liability to the tune of ₹7,100 crore related to pensions and DA relief neutralisation in the third quarter,” Chairman Dinesh Khara told journalists at a press conference.
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