Leading public sector lender State Bank of India (SBI) reported a standalone net profit of Rs 9,164 crore which was down by over 35% from 14,205.34 crore reported by the state lender in the year ago period.
The bank earned Rs 105,733.78 crore in interest income in the reported quarter which was up 22% from Rs 86,616.04 crore reported by SBI in the year ago period.
The bank paid Rs 66,918 crore in interests taking the net interest income (NII) for the reporting quarter at Rs 38,816 crore.
The Net Interest Income (NII) for Q3FY24 increased by 4.59% YoY while the operating profit for Q3FY24 stood at Rs 20,336 crores.
The standalone net profit for 9MFY24 was reported at Rs 40,378 crores which improved by 20.40% over 9MFY23 reported at Rs 33,538 crores, the company said in its filing to the exchanges.
Net Profit of Rs 9,164 crores for Q3FY24 was reported after accounting for one-time exceptional item of 7,100 crores, the company filing said.
Whole Bank net interest margins (NIMs) for 9MFY24 decreased by 1 bp YoY to 3.28% while Domestic NIM for 9MFY24 decreased by 8 bps YoY to 3.41%.
Return ratios
Bank’s returns on assets (RoA) for Q3FY24 stood at 0.62% while for 9MFY24 the RoA and returns on equity (ROE) stood at 0.94% and 19.47% respectively.
Credit Growth
Bank reported credit growth at 14.38% YoY with domestic advances growing by 14.47% YoY while corporate advances and SME advances cross Rs 10 lakh crores and 4 lakh crore mark, respectively. Foreign Offices’ advances grew by 13.90% YoY while domestic advances growth was driven by SME advances (19.24% YoY) followed by agri advances which grew by 18.12% YoY.
The retail personal advances and corporate loans registered YoY growth of 15.28% and 10.71% respectively.
Deposit Growth
The whole bank deposits grew at 13.02% YoY, out of which CASA deposit grew by 4.48% YoY. CASA ratio stood at 41.18% as on December 31 December, 2023.
Asset Quality
Gross non-performing assets (GNPA) ratio stood at 2.42% which improved by 72 bps YoY while Net NPA ratio at 0.64% improved by 13 bps YoY. PCR (Incl. AUCA) stands at 91.49%. Provision Coverage Ratio (PCR) at 74.17%
declined by 195 bps YoY.
Slippage ratio for 9MFY24 improved by 5 bps YoY and stands at 0.67% while slippage ratio for the three month period ended December 31, 2023 increased by 17 bps YoY and stands at 0.58%.
Credit Cost for Q3FY24 remained flat YoY at 0.21% while Capital Adequacy Ratio (CAR) as at the end of Q3FY24 stands at 13.05%.
