State Bank of India (SBI) announced a 35% decline in its net profit for the October-December quarter of the 2023-24 financial year, reporting earnings of Rs 9,163 crore. The drop was attributed to a one-time exceptional item of Rs 7,100 crore. Despite the profit decrease, the bank maintained a healthy asset quality, with improvements in gross and net non-performing assets (NPA).
SBI Reports a 35 Percent Decline in Net Profit for Q3 2024
Here’s a breakdown of key highlights from SBI’s recent earnings report:
Net Profit Decline:
- The net profit of SBI plummeted by 35% to Rs 9,163 crore.
- A one-time exceptional item of Rs 7,100 crore contributed to the decline.
Net Interest Income (NII):
- The NII of the bank was Rs 39,815 crore, falling short of the estimated Rs 40,304 crore.
- Net interest margin stood at 3.22 percent.
Related News : Meta Stock Soars 20 percent after First-Ever Dividend Announcement
Asset Quality:
- Gross NPA decreased from 3.14 percent to 2.42 percent.
- Net NPA for the quarter was 0.64 percent, down from 0.77 percent last year.
- The slippage ratio increased by 17 basis points to 0.58 percent.
Deposit Growth:
- Total deposits grew to Rs 47.62 lakh crore, showing a 13% increase.
- Cash deposits amounted to Rs 18.81 lakh crore, compared to Rs 18 lakh crore in the previous year.
Advances Growth:
- Total advances of the bank grew by 14.38 percent, reaching Rs 35.84 lakh crore.
- Retail personal advances increased by 15 percent, reaching Rs 12.96 lakh crore.
- Home loan advances grew by 13.16 percent to Rs 6.93 lakh crore.
