SBI Q3 FY24 Net Profit Drops 35% to Rs 9,163 Crore, Asset Quality Improves

SBI’s gross non-performing asset (NPA) improved to 2.42% from 3.14% YoY in Q3 FY24. The net NPA for the quarter was 0.64%, down from 0.77% in the same period last year.

The State Bank of India (SBI) posted a Q3 FY24 net profit of Rs 9,163 crore, marking a 35% decline from the year-ago period’s Rs 14,205 crore.

Despite a 35% decline in Q3 FY24, SBI recorded a 20.40% increase in the standalone net profit for the first nine months of FY24, reaching Rs 40,378 crores compared to Rs 33,538 crores in Q3 FY23.

In Q3 FY24, SBI reported interest income of Rs 105,733.78 crore, a 22% increase from Rs 86,616.04 crore in the same period last year. The bank paid Rs 66,918 crore in interests during the quarter. The net interest income (NII) was Rs 39,815 crore, slightly below the estimated Rs 40,304 crore.

The Net Interest Margin (NIM) for the entire bank in the first nine months of FY24 decreased by 1 basis point (bp) year-on-year to 3.28%. The Domestic NIM for the same period decreased by 8 bps year-on-year to 3.41%.

In Q3 FY24, the State Bank of India (SBI) reported a gross non-performing asset (NPA) of 2.42%, which is a decrease from the 3.14% recorded in the corresponding quarter last year. The net NPA for the same quarter stood at 0.64%, compared to 0.77% in the previous year. The bank’s returns on assets (RoA) for Q3FY24 stood at 0.62%, and for the first nine months of FY24, the RoA and returns on equity (ROE) were reported at 0.94% and 19.47%, respectively.

In Q3 FY24, State Bank of India (SBI) showed improvements in various financial indicators:

• Gross NPA ratio improved by 72 bps YoY, standing at 2.42%.
• Net NPA ratio improved by 13 bps YoY, standing at 0.64%.
• Provision Coverage Ratio (PCR) declined by 195 bps YoY to 74.17%.
• Slippage Ratio for 9MFY24 improved by 5 bps YoY, standing at 0.67%.
• Credit Cost for Q3FY24 remained flat YoY at 0.21%.
• Operating profit for Q3 was Rs 20,336 crore.
• Credit growth was at 14.38% YoY, with Domestic Advances growing by 14.47% YoY.
• Corporate Advances and SME Advances crossed Rs 10 lakh crore and Rs 4 lakh crores, respectively.
• Foreign Offices’ Advances grew by 13.90% YoY.
• Retail Personal Advances and Corporate loans registered YoY growth of 15.28% and 10.71%, respectively.
• Whole Bank Deposits grew at 13.02% YoY, with CASA Deposit growing by 4.48% YoY, and CASA ratio standing at 41.18% as of December 31, 2023.

The State Bank of India (SBI) reported a net profit of Rs 9,163 crore for Q3 FY24, which is a 35% decline compared to the year-ago period. Despite the drop in net profit, SBI’s asset quality improved, with gross non-performing assets (NPA) standing at 2.42%, down from 3.14% in the corresponding quarter last year. Net NPA for the quarter stood at 0.64%, compared to 0.77% last year. The bank’s operating profit for Q3 was Rs 20,336 crore, and its credit growth was at 14.38% YoY. Whole Bank Deposits grew at 13.02% YoY, with CASA Deposit growing by 4.48% YoY.

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