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SBI's Q4 profit surges 24% to nearly ₹20,700 crore
09 May 2024

The State Bank of India (SBI), the nation's top lender, has announced a 24% increase in net profit for the quarter ending March 31, 2024.

The net profit soared to ₹20,698 crore from ₹16,695 crore during the same period last year.

This significant growth was primarily driven by robust loan demand.

Notably, SBI's reported profit exceeded analysts' forecasts of ₹13,400 crore.

SBI declares ₹13.70 dividend, shares trade higher
Dividend announcement

In addition to its impressive profit figures, SBI has declared a dividend of ₹13.70 per share.

This announcement had a positive impact on the bank's shares which were trading nearly 2% higher at ₹825.80 each as of 2:50pm.

SBI's interest earned increased 19% to ₹1.11 lakh crore in Q4 as against ₹92,951 crore a year ago.

In Q4FY24, the public lender's total income also increased to ₹1.28 lakh crore from ₹1.06 lakh crore in Q4FY23.

SBI reports decrease in non-performing asset ratios
NPA reduction

SBI also reported a reduction in its non-performing asset ratios.

The gross non-performing asset (GNPA) ratio decreased to 2.24%, down from the previous year's figure of 2.78%.

Similarly, the net NPA saw a decline, standing at 0.57% compared to last year's figure of 0.67%.

This marks a significant improvement in the bank's asset quality over the past year.