SBI Q4 Results: Standalone net profit grows 24% on-year; asset quality improves
In the corresponding period a year-ago, the bank reported net profit of Rs 16,694.51 crore.
The country’s leading state-run lender State Bank of India (SBI) released its March quarter results today beating analysts' estimates by a wide margin. For the January-March period, the bank posted standalone net profit of Rs 20,698.35 crore as against Zee Business research estimates of Rs 14,590 crore. In the corresponding period a year-ago, the bank reported net profit of Rs 16,694.51 crore.
Net Interest Income (NII) at the lender grew by 3.13 per cent on year to Rs 41,655 in the March-ended quarter as against Rs 40,393 crore in the same quarter of the previous fiscal year. On a sequential basis (QoQ), the NII registered a growth of 4.62 per cent. Net Interest Income (NII) for FY24 increased by 10.38% on-year, highlighted the lender's press release. The research desk anticipated the metric to log a marginal growth of 1.25 per cent on-year to Rs 40,900 crore.
Operating profit at the lender logged 16.76 per cent on year growth to Rs 28,748 crore. Furthermore, return on assets (RoA) for Q4 came in at 1.36 per cent, logging an improvement of 13 bps year-on-year (YoY). For the full financial year 2024, the bank's RoA and RoE is reported at 1.04 per cent and 20.32 per cent, respectivly.
Net interest margin at the lender, a measure of profitability, registered a YoY degrowth by 37 basis points and came in at 3.47 per cent in the reporting quarter when compared to 3.84 per cent reported in the same period last year.
Credit growth at SBI was at 15.24 per cent on year, while domestic advances during the period under review logged 16.26 per cent on-year growth.
Asset quality
The lender's asset quality during the January-March period improved with gross NPA ratio reported at 2.24 per cent in comparison to 2.78 per cent last year. Also, net NPA stood at 0.57 per cent as against 0.67 per cent last year.
On the sidelines, the bank announced a dividend of Rs 13.7 per share for the fiscal year 2023-2024.
After the lender's results, the stock of SBI traded with gains of over 2 per cent at Rs 827.55, while at day's high it notched levels of Rs 839.6 apiece on the BSE.
(This story will be updated shortly)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Highest Temperature in Delhi: Minister asked for confirmation whether Delhi temperature reached 52.3 degrees; here's how IMD responded
Rs 5,000 and 10,000 monthly deposits give you Rs 3,56,830, and Rs 7,13,659 on maturity in this small savings scheme
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
Axis Direct has 'buy' calls on these 3 stocks for up to 15% gain in 15 days, check targets and stop loss
08:42 PM IST