On May 09, 2024, the leading public sector bank of India, State Bank of India (SBI), released its results for the quarter and year ended March 31, 2024.
During the last quarter, SBI posted a 16.76% increase in operating profit to ₹28,748 crore. The bank witnessed a 23.98% YoY growth in net profit to ₹20,698 crore.
The bank’s net profit for FY24 stood at ₹61,077 crore, indicating a YoY growth of 21.59% after accounting for wage settlement and a one-time exceptional item of ₹7,100 crore. SBI recorded ROA and ROE of 1.04% and 20.32% respectively in FY2024.
Agri-business advances exceed ₹3 lakh crores, and corporate advances exceed ₹11 lakh crores, respectively. The YoY growth in Foreign Office Advances was 9.47%. SME Advances (20.53% YoY) drove the growth in Domestic Advances, with Agri Advances growing by 17.92% YoY.
Corporate loans, retail, and personal advances both saw YoY growth of 16.17% and 14.68%, respectively. Overall, bank deposits increased by 11.13% year over year, with CASA deposits growing by 4.25% annually. As of March 2024, the CASA ratio was 41.11%.
The gross NPA ratio increased by 54 basis points year over year to 2.24%, and the net NPA ratio increased by 10 basis points year over year to 0.57%. PCR (including AUCA) is 91.89%, whereas the PCR provision coverage ratio is 75.02%.
| ₹ in Crore | FY24 | FY23 | YoY % |
| Interest Income | 3,32,103 | 4,15,131 | 25% |
| Interest Expenses | 1,87,263 | 2,55,255 | 36.31% |
| Net Interest Income | 1,44,841 | 1,59,876 | 10.38% |
| NIM, % (Domestic) | 3.58 | 3.43 | -15bps |
| Operating Profit | 83,713 | 93,797 | 12.05% |
| Loan loss provisions | 9,144 | 9,518 | 4.09% |
| Profit after tax | 50,232 | 61,077 | 21.59% |
Despite rising geopolitical and extreme weather event threats, global growth is resilient and inflationary pressures are decreasing. Furthermore, the bank believes that the combination of policy imperatives and regulatory forbearance has created an innate resilience that has kept the domestic financial industry mostly safe from global uncertainty.
On May 09, 2024, SBI shares opened at ₹813.45 and touched the day high of ₹839.60 at 02:52 PM
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: May 9, 2024, 4:29 PM IST
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