SBI Q4FY24: PAT grows 24% YoY to Rs 20,698 cr; NII grows 19% to Rs 1.11 lakh cr
Mumbai: India’s largest lest lender State Bank of India (SBI) on Thursday reported net profit of Rs 20,698 crore, marking a 24 percent year-on-year increase for the fourth quarter of FY 24.
The profit growth came on the back of strong loan demand, the bank said.
In the year-ago period, SBI reported a net profit of Rs 16,695 crore.
SBI's earnings from interest saw a healthy increase of 19 percent, reaching Rs 1.11 lakh crore in the last quarter compared to Rs 92,951 crore in the same period last year.
The bank also announced a dividend of Rs 13.70 per share for the fiscal year 2024.
It is worth noting that SBI's asset quality showed improvement in the March quarter.
The gross non-performing asset (GNPA) decreased to 2.24 percent from 2.78 percent last year, while the net NPA dropped to 0.57 percent from 0.67 percent.
During the post-results press conference, SBI's Chairman, Dinesh Khara, highlighted that the GNPA is at its lowest level in the past decade, standing at 2.24 percent.
According to Kara, SBI witnessed robust credit growth, with RAM (Retail Agriculture MSME) surpassing Rs 20 trillion in FY24 and corporate segment registering 16% y-o-y rise at over Rs 11 lakh crore.
He said that the bank would be able to maintain the similar growth trajectory of 15-16% in FY25.
Overall, there was a credit growth of 15.24 percent YoY with domestic advances rising by 16.26 percent YoY. Agri loans stood at Rs 3 lakh crore.
The bank also witnessed an impressive 36-quarter low in ratio of gross and net NPAs.
Overall bank’s provisions nearly halved, dropping to Rs 1,609 crore from Rs 3,315 crore in the same period last year.
Further, its total income during Q4FY24 swelled to Rs 1.28 lakh crore, while it was Rs 1.06 lakh crore in the same period last year.
Operating expenses appreciated at a comparatively slower pace at Rs 30,276 crore compared to Rs 29,732 crore in Q4FY23.
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