SBI Results: SBI net profit beats estimates, announces dividend; here are 5 key takeaways from Q4 earnings
₹13.70 per equity share. SBI’s provisions in Q4FY24 came down, while its asset quality also improved. The bank’s credit growth as well as deposit growth during the quarter ended March 2024 remained strong.
SBI share price jumped more than 3% to hit a fresh 52-week high after its Q4 results beat estimates. Read SBI Q4 Results Highlights here Here are 5 key takeaways from SBI Q4 results: SBI posted a net profit of ₹20,698 crore in the fourth quarter of FY24, registering a growth of 24% from ₹16,694.5 crore in the year ago quarter. SBI’s net profit was higher than street estimates of ₹13,692 crore.
SBI’s net interest income (NII), the difference between total interest earned and interest paid, in Q4FY24 increased marginally by 3.1% to ₹41,656 crore from ₹40,392.5 crore in the same quarter last year. NII also beat estimates of ₹40,920 crore. Domestic Net interest margin (NIM) in Q4 declined by 37 bps to 3.47% from 3.84%, YoY.
The bank’s NIM in Q3FY24 was at 3.34%. Pre-Provisions Operating Profit (PPoP) in Q4FY24 grew by 16.76% to ₹28,747.55 crore from ₹24,621.11 crore, YoY. Also Read: PNB Q4 results 2024: Net profit jumps 160% YoY. Key highlights you should know SBI’s asset quality improved during the quarter ended March 2024.
The bank’s Gross Non-Performing Assets (NPA) in Q4FY24 decreased 2.9% to ₹84,276.33 crore from ₹86,748.81 crore in Q3FY24. Net NPA declined 6.1% to ₹21,051.1 crore from ₹22,408 crore, QoQ. Gross NPA ratio in the March quarter fell 18 basis points (bps) to 2.24% from 2.42%, while Net NPA ratio declined 7 bps to 0.57% from 0.64%, sequentially.
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