State Bank of India Q1 Results

State Bank of India has reported a 178 percent rise in net profit to Rs 16,884 crore for the April-June FY24 quarter from Rs 6,068 crore last year. The net interest margin (NIM) of the bank stood at 3.33 percent from 3.02 percent last year. On a sequential basis, the NIM of bank was at 3.6 percent in the March 2023 quarter.

The gross non-performing assets (GNPA) ratio of the bank declined to 2.76 percent as compared with 3.91 percent last year. The total deposits of the bank grew by 12 percent to Rs 45.31 lakh crore from Rs 40.45 lakh crore last year.

The bank showed credit growth of 13.90 percent with domestic advances growing at 15.08 percent. Retail personal advances grew to Rs 12.04 lakh crore from Rs 10.34 lakh crore. Lending to agriculture grew to 2.64 lakh crore from Rs 2.29 lakh crore. Corporate sector lending grew to Rs 9.82 lakh crore from Rs 8.74 lakh crore last year. Lending to small and medium sized enterprises (SME) grew to Rs 3.69 lakh crore from Rs 3.12 lakh crore. Provisions stood at Rs 2,501 crore, compared to Rs 4,392 crore last year. Slippages for the April-June FY24 quarter were at Rs 7659 crore down by 21.37 percent from Rs 9740 crore last year.

Dinesh Khara, Chairman, SBI, said that “We are looking at a credit growth of 14 to 15 percent in FY24. Our credit growth will be broad based in retail, agriculture, small and medium sized enterprises and corporate sectors.”