SBI Q4FY24 results, net profit up by 21.59 percent

SBI Q4FY24 results, net profit up by 21.59 percent

The largest public sector bank SBI has released its financial fourth quarter results which show Net Profit for FY24 stands at Rs 61,077 crores witnessing a growth of 21.59% YoY after accounting for wage settlement and one-time exceptional item of Rs 7,100 crores.

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Meanwhile,  Net Profit for Q4FY24 grew by 23.98% to Rs 20,698 crores. 

Operating Profit for FY24 grew by 12.05% YoY to Rs 93,797 crores, while Operating Profit for Q4FY24 grew by 16.76% YoY to Rs 28,748 crores.

Bank’s ROA and ROE for FY24 stand at 1.04% and 20.32% respectively. ROA at 1.36% for Q4FY24 improved by 13 bps YoY.
Net Interest Income (NII) for FY24 increased by 10.38% YoY. Whole Bank NIM for FY24 is marginally down by 9 bps YoY to 3.28%.

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Balance Sheet

Credit growth is at 15.24% YoY with Domestic Advances growing by 16.26% YoY.

Retail Personal Advances and Corporate loans registered YoY growth of 14.68% and 16.17% respectively.

Whole Bank Deposits grew at 11.13% YoY, out of which CASA Deposit grew by 4.25% YoY. CASA ratio stands at 41.11% as on 31st March 24.

The Gross NPA ratio is at 2.24% improved by 54 bps YoY and Net NPA ratio is at 0.57% improved by 10 bps YoY.

PCR (Incl. AUCA) stands at 91.89% with Provision Coverage Ratio (PCR) being at  75.02%.

The bank's Capital Adequacy Ratio (CAR) as at the end of FY24 stands at 14.28%.

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