SBI Records Robust Q1 FY24 Performance with 178% Rise in Net Profit

4 Aug 2023 , 03:16 PM

State Bank of India (SBI), India’s largest lender, reported an impressive 178% increase in net profit, reaching Rs 16,884 crore for the April-June quarter of FY24, compared to Rs 6,068 crore in the same period last year.

Despite the NII growth of 24.71% to Rs 38,905 crore, the bank missed market expectations, as the poll indicated a 26.7% rise in net interest income (NII) to Rs 39,533 crore.

The net interest margin (NIM) of the bank improved to 3.33% from 3.02% last year, while the domestic NIM grew by 24 bps to 3.47% from 3.23% last year. On a sequential basis, the NIM of the bank stood at 3.6% in the March 2023 quarter.

The bank exhibited a decline in gross non-performing assets (GNPA) ratio to 2.76% from 3.91% last year, and a reduction in net non-performing assets (NNPAs) ratio to 0.71% compared with 1% last year.

Total deposits of the bank witnessed a healthy growth of 12% to reach Rs 45.31 lakh crore from Rs 40.45 lakh crore last year.

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