SBI Q4 Results: Income Increases to Rs 1.28 Lakh Crore, Net Profit Jumps 18% to Rs 21,384 Crore
The biggest lender in the nation, the State Bank of India (SBI), said on Thursday that its consolidated net profit for the March 2024 quarter (Q4 FY24) increased by 18.18% to Rs 21,384.15 crore. Its overall revenue increased to Rs 1.28 lakh crore from January to March 2024 from Rs 1.06 lakh crore in the previous year.
SBI’s net profit for the same time last year was Rs 18,093.84 crore.
The lender said in a regulatory filing that its standalone profit increased to Rs 20,698.35 crore from Rs 16,694.51 crore in the previous year. Compared to Rs 55,648.17 crore in FY23, the combined net profit for the fiscal year 2023–2024 increased by 20.55 percent to Rs 67,084.67 crore.
While operational expenditures increased at a somewhat slower pace, to Rs 30,276 crore from Rs 29,732 crore in the year-ago quarter, overall income increased to Rs 1.28 lakh crore in Q4 FY24 from Rs 1.06 lakh crore.
From Rs 3,315 crore at the same time last year to Rs 1,609 crore now, the total provisions have almost halved.
Compared to 2.78 percent a year earlier and 2.42 percent at the end of the December quarter, the gross non-performing assets ratio improved to 2.24 percent as of March 31, 2024.
In contrast to a 1.5% drop on the benchmark, bank stock was up 1.81 percent at Rs 825.10 on the BSE.
