State Bank of India (SBI) on Thursday reported a standalone net profit of Rs 20,698 crore for the quarter ended March 31, 2024, up 24% YoY compared to Rs 16,694 crore reported by the lender in the year-ago period.
The profit was higher than the Street estimate of Rs 16,695 crore.
The Board has also recommended a dividend of Rs 13.70 per share. The record date for determining the eligibility of shareholders who will receive the dividend on equity shares is Wednesday, May 22, 2024, and the dividend payment date is fixed on June 5, 2024.
Interest earned during the reported quarter rose 19% YoY to Rs 1,11,043 crore vs Rs 92,951 crore reported last year.
The interest expended in the quarter under review stood at Rs 69,387 crore, 32% higher compared to Rs 52,559 crore in Q4FY23.
The earnings were announced during market hours and the stock jumped 3% to hit the day’s high of Rs 834 on the NSE.
More to come…
