The nation's largest lender, SBI, announced on Thursday an 18.18% surge in consolidated net profit for the March quarter, reaching Rs 21,384.15 crore compared to Rs 18,093.84 crore in the corresponding period last year. On a standalone basis, profits escalated to Rs 20,698.35 crore from Rs 16,694.51 crore a year earlier, as stated in the regulatory filing. In fiscal year 2023-24, consolidated net profit increased by 20.55% to Rs 67,084.67 crore from Rs 55,648.17 crore in FY23.
During Q4 FY24, total income climbed to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the prior year, while operating expenses increased at a slower rate to Rs 30,276 crore from Rs 29,732 crore in the corresponding period. Provisions decreased significantly to Rs 1,609 crore from Rs 3,315 crore in the previous year.
The gross non-performing assets ratio improved to 2.24% as of March 31, 2024, compared to 2.78% in the previous year and 2.42% at the end of the December quarter. SBI's stock was trading up by 1.81% at Rs 825.10 on the BSE, contrasting with a 1.15% decline on the benchmark index.
