SBI Posts Strong Q4 Results: Net Profit Rises 24%, Beats Estimates

State Bank of India (SBI), India’s largest state-owned bank, announced its Q4 results, showcasing a robust performance in the final quarter of the fiscal year.

The bank reported a standalone net profit of Rs 20,698.35 crore, marking a substantial 24% year-on-year increase from the previous fiscal year.

Analysts had estimated the PAT in the range of Rs 10,432 crore to Rs 14,743 crore, but SBI surpassed expectations.

Shares of SBI surged 3.6% on the bourses, hitting a record high of Rs 839.6 apiece during intraday trading.

Sequentially, SBI’s net profit more-than-doubled, zooming 125% from the previous quarter.

For the entire financial year, the bank posted a net profit of Rs 61,077 crore, a growth of 21.59% year-on-year.

Operationally, SBI’s net interest income (NII) rose 3% year-on-year to Rs 41,656 crore, with an unexpected rise in the net interest margin (NIM) to 3.30%.

The bank’s operating profit for the March quarter stood at Rs 28,747 crore, showing a growth of 16.7%.

SBI also declared a dividend of Rs 13.70 per equity share for FY24, with a record date set for May 22, 2024.

SBI’s total provisions for the March quarter decreased, with slippages and asset quality showing improvements.

The bank reported a decline in Gross NPAs and Net NPAs, with the GNPA ratio improving to 2.24% in Q4FY24.

SBI’s credit growth for the quarter was at 15.24% year-on-year, with corporate advances and agri-advances crossing significant thresholds.

Total deposits for the bank stood at Rs 49.16 trillion, marking an 11.13% year-on-year growth.