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SBI Share Price Target: For the quarter that concluded on March 31, 2024, State Bank of India (SBI) recorded a standalone net profit of Rs 20,698 crore, which is a 24% YoY increase over the Rs 16,694 crore reported during the same period the previous year. This result exceeded the Rs 16,695 crore Street expectation. Shortly after the Q4 results were released on Thursday, May 9, the price of SBI shares increased by about 3%, hitting an intraday high of Rs 834.35 per share on the NSE. The underlying stock hit an intraday high of Rs 835.05 per share on the BSE.

2024 SBI Share Price Target
SBI’s fourth-quarter financial results were excellent. At Rs 839 a share, the SBI share is trading very close to its all-time high. Should investors “HOLD, SELL, or BUY”? Here are some thoughts from brokerages about the biggest public-sector bank.

Kotak Securities Regarding The SBI Share Price Goal
In order to support its ‘BUY’ recommendation for the banking company, Kotak Securities increased its target price for SBI shares from Rs 850 to Rs 950. The firm said that after a solid Q4, there may be further growth.

Brokerage Nomura On SBI Share Price Target In light of the Q4 results, Nomura has maintained its ‘BUY’ rating on the state lender and raised the target price for SBI shares to Rs 1000 from Rs 825.

Stock brokerage Investec On SBI Share Price Target After the Q4 results, Investec maintained its ‘BUY’ rating for the banking company and raised the target price for SBI shares to Rs 850 from Rs 810.

SBI’s Q4 Financial Performance in Detail
From Rs 92,951 crore reported in the previous year to Rs 1,11,043 crore during the reporting quarter, interest generated increased by 19% YoY. In the meantime, interest paid during the same period was Rs 69,387 crore, a substantial 32% rise over Rs 52,559 crore in Q4 FY23.

NII for the quarter was Rs 41,655 crore, a little YoY increase over the previous quarter’s above Rs 40,393 crore. With an operating profit of Rs 28,748 crore for Q4 FY24, there was a noticeable 17% rise.

To achieve Rs 37,67,535 crore, gross advances saw a strong 15% YoY growth and a 5% quarter-over-quarter (QoQ) rise. Domestic retail personal loans made up Rs 13,52,265 crore of these advances, a YoY increase of 15%. Notably, housing loan disbursements reached Rs 7,25,818 crore, a YoY increase of 13%. Conversely, Q4 deposits were Rs 49,16,077 crore, indicating YoY and QoQ increase of 1% and 3%, respectively. Domestic term deposits were Rs 27,82,340 crore, while domestic CASA was valued at Rs 19,41,996 crore.

For the reporting quarter, the gross non-performing asset (GNPA) was Rs 84,276 crore, a 7% YoY and 3% QoQ decrease. In the meantime, the net non-performing assets (NPA) were recorded at Rs 21,051 crore, indicating a YoY decline of 2% and a QoQ decrease of 6%.

Highlights of the 2023–24 Financial Year
SBI announced a net profit of Rs 61,077 crore for FY24, a 22% YoY increase. While the return on equity (ROE) was at 20%, indicating an 89 basis points (bps) YoY rise, the return on assets (ROA) was at 1.04 percent, up 8 basis points (bps) YoY. The National Insurance (NII) for FY24 was Rs 1,59,876 crore, a 10% increase over the previous fiscal year. Furthermore, the operational profit for the whole fiscal year was Rs 93,797 crore, indicating a 12.05 percent increase from the same time in FY23.

SBI’s Q4 Results and Dividend Report
For the fiscal year 2023–2024, SBI announced a dividend of Rs. 13.70 per share, maintaining the dividend announcements it has made for the previous five years.

History of SBI Dividends
Throughout the previous five years, State Bank of India (SBI) has consistently declared dividends, making it a pillar of the industry. Two years before, on May 21, 2021, SBI announced a large dividend of 400%, or Rs 4 per share. Before that, the bank had declared a dividend of 260%, or Rs 2.60 per share, on May 19, 2017. In light of 2016, SBI continued its recent pattern by announcing on May 16 a dividend of 260 percent, or Rs 2.60 per share. A dividend of Rs 3.50 per share was paid to shareholders on May 22, 2015, of the previous year. On May 14, 2014, SBI announced a dividend of one hundred fifty percent. On May 14, 2013, the bank declared an outstanding 415 percent dividend from the previous year. Going even farther back, SBI showed its dedication to repaying shareholders year after year by announcing a 350% dividend on May 12, 2012.