SBI Q4 Net Profit Jumps 24% to Rs 20,698 cr; Declares Dividend of Rs 13.70 Per Share

State Bank of India (SBI), the largest bank in India, announced a robust 24 percent increase in its net profit for the quarter ending on March 31, 2024, reaching Rs 20,698 crore, bolstered by a surge in loan demand. This marks a significant rise from the net profit of Rs 16,695 crore recorded in the same quarter of the previous year.

The stock was trading at Rs 822.40, up Rs 11.60 or 1.43 percent on NSE.

Furthermore, SBI declared a dividend of Rs 13.70 per share for the financial year 2023-24.

The bank’s asset quality showed notable improvement during the March quarter. The gross non-performing asset (GNPA) ratio decreased to 2.24 percent from 2.78 percent year-on-year, while the net NPA ratio declined to 0.57 percent from 0.67 percent in the previous year.

SBI’s loan portfolio exhibited robust growth in the March quarter, marking one of the strongest performances in over eight quarters. Additionally, the bank achieved a remarkable 36-quarter low in the ratio between gross and net NPAs, reflecting effective management of its loan portfolio.

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Interest earned by SBI surged by 19 percent to Rs 1.11 lakh crore in the reported quarter compared to Rs 92,951 crore in the corresponding quarter of the previous year.

In a statement filed with the stock exchange, SBI noted, “Credit growth stands at 15.24 percent year-on-year, with domestic advances growing by 16.26 percent year-on-year. Corporate advances and agricultural advances surpassed Rs 11 lakh crore and Rs 3 lakh crore, respectively.”

During the fourth quarter of the financial year 2023-24, SBI’s total income increased to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the previous year, while operating expenses saw a relatively slower growth rate, rising to Rs 30,276 crore from Rs 29,732 crore in the corresponding period.

Overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the previous year, underscoring the bank’s efforts to strengthen its balance sheet and manage risks effectively.

Source: moneycontrol

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