State Bank of India (SBI), the country’s largest lender, on May 9 reported 24 percent rise in net profit at Rs 20,698 crore for the quarter ended March 31, 2024, aided by strong loan demand. SBI reported net profit of Rs 16,695 crore in the year-ago period.
The profit surpassed estimates of Rs 13,400 crore by analysts.
The public lender declared dividend of Rs 13.7o per share for FY24.
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At 1410 hours on May 9, SBI's shares were trading nearly 3 percent higher at Rs 834.40 apiece.
The bank's asset quality improved in March quarter. The gross non-performing asset (GNPA) of SBI came in at 2.24 percent as against 2.78 percent last year, while net NPA came in at 0.57 percent compared to 0.67 percent last year.
SBI loan growth remained strong in the March quarter and it clocked one of the best growth in over eight quarters. The bank also saw an impressive 36-quarter low in terms of ratio between gross and net NPAs.
SBI's interest earned grew 19 percent to Rs 1.11 lakh crore in the reported quarter as against Rs 92,951 crore a year ago.
"Credit growth is at 15.24 percent YoY with domestic advances growing by 16.26 percent YoY. Corporate advances and agri advances cross Rs 11 lakh crore and Rs 3 lakh crore, respectively," said SBI in a stock exchange filing.
In Q4FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period's Rs 29,732 crore.
The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.
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