State Bank of India (SBI), the country’s largest lender, on Thursday reported an 18.18 per cent rise in its consolidated net profit to Rs 21,384.15 crore for the March 2024 quarter (Q4 FY24). Its total income during January-March 2024 rose to Rs 1.28 lakh crore, higher as compared with Rs 1.06 lakh crore a year ago.
SBI’s net profit had stood at Rs 18,093.84 crore in the corresponding period last year.
On a standalone basis, profit grew to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago, the lender said in a regulatory filing. Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs 67,084.67 crore as against Rs 55,648.17 crore in FY23.
In Q4 FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period’s Rs 29,732 crore.
The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.
There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.
The bank scrip was trading 1.81 per cent up at Rs 825.10 on the BSE as against a 1.15 per cent correction on the benchmark.
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