SBI Q3 FY24: Net Profit Rs 9,164 Cr, 36% Decrease from Q2

The State Bank of India (SBI), on Saturday, reported a net profit of Rs 40,378 crore for the month ending 31 December 2023 (9M FY24), reflecting a 20.40 per cent improvement over the same period in 9M FY23, when it was Rs 33,538 crore.

The net profit for Q3 FY24 was Rs 9,164 crore, a 36 per cent decline from Q2 FY24, where it was Rs 14,330 crore. Similarly, in Q3 FY23, the profit was Rs 14,205 crore, marking a 35.49 per cent decrease compared to the same period this year.

The operating profit for Q3 FY24 was Rs 20,336 crore. The bank's return on assets (ROA) and return on equity (ROE) for 9M FY24 were 0.94 per cent and 19.47 per cent, respectively. The ROA for Q3 FY24 was 0.62 per cent. Net Interest Income (NII) for Q3FY24 increased by 4.59 per cent year on year (YoY). The whole bank net interest margin (NIM) for 9M FY24 decreased by 1 basis point (bp) YoY to 3.28 per cent, while domestic NIM for 9M FY24 decreased by 8 bps YoY to 3.41 per cent.

Bank's whole Bank Deposits grew at 13.02 per cent YoY, out of which Current Account Savings Account (CASA) deposits grew by 4.48 per cent YoY. CASA ratio stands at 41.18 per cent as of 31 December 23. Credit growth at 14.38 per cent YoY with Domestic Advances growing by 14.47 per cent YoY.

The gross non-performing assets (GNPA) ratio at 2.42 per cent improved by 72 basis points (bps) YoY. Net NPA ratio at 0.64 per cent improved by 13 bps YoY. Provision Coverage Ratio (PCR) including Advance Under Collection Account stands at 91.49 per cent. PCR at 74.17 per cent declined by 195 bps YoY.

The slippage Ratio for 9M FY24 improved by 5 bps YoY and stands at 0.67 per cent. The slippage Ratio for Q3 FY24 increased by 17 bps YoY and stands at 0.58 per cent. Credit Cost for Q3FY24 remained flat YoY at 0.21 per cent. Capital Adequacy Ratio (CAR) as of the end of Q3FY24 stands at 13.05 per cent.