SBI Q1 Results: Profit zooms 178% YoY to Rs 16,884 crore, beats estimate
SBI) on Friday beat Street expectations by reporting a 178.24% year-on-year (YoY) jump in its June 2023 quarter profit at Rs 16,884 crore. An ET Now poll had pegged the bottomline estimate at Rs 15,000 crore.
SBI's net interest income (NII) in Q1FY24 rose 24.7% YoY to Rs 38,905 crore during the quarter. Its gross NPA reduced to 2.76% vs 2.78% quarter-on-quarter (QoQ) and 3.9% YoY.
In absolute numbers, the gross NPA dropped to Rs 91,327.84 crore vs Rs 113,271.72 crore YoY. Provisions stood at Rs 2,501 crore as against Rs 4,392 crore YoY and Rs 3,316 crore QoQ.
An ET Now poll had estimated the provisions at Rs 3,500 crore. SBI's capital adequacy ratio (Basel III) came in at 14.56% vs 14.68% sequentially.
The earnings per share (EPS) rose to Rs 18.92 vs Rs 18.71 QoQ. The return on assets reduced 1 bps QoQ to 1.22% while the debt to equity ratio also went down to 0.64 vs 0.66 in Q4 of FY23.
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