SBI Q1 FY24 Results: Net Profit grew by 178.25% to Rs 16,884 cr

Highlights
Profitability
• Net Profit for Q1FY24 grew by 178.25% YoY to Rs 16,884 crores from Rs 6,068 crores during Q1FY23.
• Operating Profit for Q1FY24 grew by 98.37% YoY to Rs 25,297 crores from Rs 12,753 crores during Q1FY23.
• Bank’s ROA and ROE for the quarter stand at 1.22% and 24.42% respectively.
• Net Interest Income (NII) for Q1FY24 increased by 24.71% YoY.
• Domestic NIM for Q1FY24 increased by 24 bps YoY to 3.47%.

Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoY

Balance Sheet
• Credit growth at 13.90% YoY with Domestic Advances growing at 15.08% YoY.
• Foreign Offices’ Advances grew at 7.44% YoY.
• Domestic Advances growth driven by SME Advances (18.27% YoY) followed by Retail Personal Advances which grew by 16.46% YoY.
• Auto loans cross Rs 1 lakh crores.
• Agri and Corporate loans registered YoY growth of 14.84% and 12.38% respectively.
• Whole Bank Deposits grew at 12.00% YoY, out of which CASA Deposit grew by 5.57% YoY. CASA ratio stands at 42.88% as on 30 th June 23.

Asset Quality
• Gross NPA ratio at 2.76% down by 115 bps YoY.
• Net NPA ratio at 0.71% down by 29 bps YoY.
• Provision Coverage Ratio (PCR) at 74.82% down by 23 bps YoY, PCR (Incl. AUCA) improved by 127 bps YoY and stands at 91.41%.
• Slippage Ratio for Q1FY24 improved by 44 bps YoY and stands at 0.94%.
• Credit Cost for Q1FY24 improved by 29 bps YoY to 0.32%.

Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail deposits

Capital Adequacy
• Capital Adequacy Ratio (CAR) as at the end of Q1FY24 improved by 113 bps YoY and stands at 14.56%.

Alternate Channels
• 63% of SB accounts and 35% of retail asset accounts acquired digitally through YONO.
• Share of Alternate Channels in total transactions increased from ~97% in Q1FY23 to ~97.5% in Q1FY24.

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