SBI Q4 Results: PAT jumps 24% YoY to Rs 20,698 crore, beats estimates

State Bank of India (SBI) on Thursday reported a standalone net profit of Rs 20,698 crore for the quarter ended March 31, 2024, up 24% YoY compared to Rs 16,694 crore reported by the lender in the year-ago period.

The profit was higher than the Street estimate of Rs 16,695 crore.

The Board has also recommended a dividend of Rs 13.70 per share. The record date for determining the eligibility of shareholders who will receive the dividend on equity shares is Wednesday, May 22, 2024, and the dividend payment date is fixed on June 5, 2024.

Interest earned during the reported quarter rose 19% YoY to Rs 1,11,043 crore vs Rs 92,951 crore reported last year.

The interest expended in the quarter under review stood at Rs 69,387 crore, 32% higher compared to Rs 52,559 crore in Q4FY23.

Net Interest Income

Net interest income (NII) for the said quarter stood at Rs 41,655 crore, up 3% YoY to over Rs 40,393 crore. The operating profit for Q4FY24 stood at Rs 28,748 crore, up Rs 17%.

Advances

Gross advances jumped 15% on a YoY basis and 5% on a QoQ basis to Rs 37,67,535 crore. The domestic retail personal loan accounted for Rs 13,52,265 crore which was up by 15% YoY. Out of this home loan disbursed were at Rs 7,25,818 crore, jumping by 13% YoY.

Deposits

The deposits during Q4 stood at Rs 49,16,077 crore, an 11% YoY and 3% QoQ jump. Domestic CASA stood at Rs 19,41,996 crore, while domestic term deposit was at 27,82,340 crore.

Asset Quality

The gross non-performing asset (GNPA) for the reported quarter stood at Rs 84,276 crore, down 7% on a YoY basis and 3% QoQ. The net NPA was reported at Rs 21,051 crore, down by 2% on YoY basis and 6% QoQ.

FY24

In FY24, the net profit was reported at Rs 61,077 crore which improved by 22% on a YoY basis. The returns on assets (ROA) stood at 1.04% for FY24, up 8 bps YoY, while the return on equity (ROE) was at 20% for FY24 89 bps YoY higher.

NII for FY24 was Rs 1,59,876 crore, a 10% increase over the last financial year. The operating profit for the full financial year stood at Rs 93,797 which was an uptick of 12.05% over the corresponding period in FY23.

The earnings were announced during market hours and the stock jumped 3% to hit the day's high of Rs 834 on the NSE.