State Bank of India Q1FY25 Financial Results: Net Profit Rises to ₹17,035 Crore

On August 03, 2024, the State Bank of India announced its financial results for the quarter that ended June 30, 2024.

The bank reported a net profit of ₹17,035 crore for Q1FY25, marking a 0.89% year-on-year increase. The operating profit for the quarter rose by 4.55% year-on-year to ₹26,449 crore. The bank’s Return on Assets (ROA) and Return on Equity (ROE) stood at 1.10% and 20.98%, respectively, for Q1FY25. Net Interest Income (NII) saw a 5.71% year-on-year growth. The Net Interest Margin (NIM) for the entire bank was 3.22%, with the domestic NIM at 3.35%.

The State Bank of India’s credit growth reached 15.39% year-on-year, with domestic advances increasing by 15.55% and foreign offices’ advances rising by 14.41%. The growth in domestic advances was primarily driven by SME advances, which saw a 19.87% year-on-year increase, followed by agricultural advances growing by 17.06%. Retail, personal advances and corporate loans recorded year-on-year growth rates of 13.60% and 15.92%, respectively. The bank’s total deposits grew by 8.18% year-on-year, with CASA deposits increasing by 2.59%. As of June 30, 2024, the CASA ratio was 40.70%.

The State Bank of India’s asset quality improved significantly, with the Gross NPA ratio decreasing by 55 basis points year-on-year to 2.21% and the Net NPA ratio improving by 14 basis points to 0.57%. The Provision Coverage Ratio (PCR), including AUCA, is 91.76%, while the PCR stands at 74.41%. The Slippage Ratio for Q1FY25 improved by 10 basis points year-on-year, now at 0.84%. Additionally, the credit cost for Q1FY25 is at 0.48%.

The State Bank of India’s Capital Adequacy Ratio (CAR) at the end of Q1FY25 stands at 13.86%. The share of alternate channels in total transactions increased from approximately 97.5% in Q1FY24 to around 98.2% in Q1FY25.

About State Bank of India

State Bank of India (SBI) is a Fortune 500 company and a major public sector banking and financial services statutory body headquartered in Mumbai. SBI currently operates an extensive network of 22,219 branches and approximately 62,617 ATMs across India. Additionally, it runs around 71,968 business correspondent outlets throughout the country.

On August 05, 2024, the State Bank of India’s share price opened at ₹830.00, touching the day’s low at ₹817.50 at 9:30 AM on the NSE.

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