State Bank of India (SBI) reported fourth-quarter standalone net profit rose 23.98% to ₹20,698 crore from the year-earlier period. Net Interest Income (NII) during the quarter ended March 31, 2024 increased marginally to ₹41,655 crore from ₹40,393 crore in the year-earlier period. Net Interest Margin declined 37 bps to 3.47%.
The bank’s loan loss provisions during the quarter increased 157.65% YoY to ₹3,294 crore, the country’s largest public sector lender said in a filing.
Gross non-performing assets during the quarter declined 7.32% to ₹84,276 crore and net non-performing assets declined 1.94% to ₹21,051 crore. Net profit for FY24 increased 21.59% to ₹61,077 crore over the previous year even after accounting for wage settlement and a one-time exceptional item of ₹7,100 crore.
NII for FY24 increased 10.38% YoY to ₹1,49,876 crore.
The bank’s NIM for FY24 marginally dropped by 9 bps YoY to 3.28%.
Credit growth was at 15.24% YoY with domestic advances growing by 16.26% YoY. Deposits grew at 11.13% YoY.
“Once again we have delivered excellent numbers. Our net profit for the financial year [FY24] is the highest ever. This is despite incurring wage revision expenses of ₹13, 387 crore as per the bipartite wage settlement and after absorbing additional liability to the tune of ₹7,100 crore related to pensions and DA relief neutralisation in the third quarter,” Chairman Dinesh Khara told journalists at a press conference.
“We are mindful of our liability portfolio as it provides us with a stable stream of resources. We continuously monitor the concentration in deposit profile daily, ensuring that dependance on wholesale funding is contained within the prescribed levels,” he added.
“Gross NPA ratio is at its lowest in over 10 years. The consistently improving asset quality is also reflected in our credit cost,” he further said.
