State Bank of India Q3FY24: Net profit declines 35%YoY to Rs 9,164 cr; NII grows 4.59%

The bank's net profit also witnessed a 36.05% decline on a sequential basis compared to Rs 14,330 crores.

The bank’s reported net profit for the first nine months of FY24 stands at Rs 40,378 crores, marking a 20.40% increase compared to the same period in FY23 when it was Rs 33,538 crores.

The operating profit for Q3FY24 stood at Rs 20,336 crores.

The bank's return on assets (ROA) and return on equity (ROE) for the nine months of FY24 are reported at 0.94% and 19.47%, respectively.  The ROA for Q3FY24 is at 0.62%.

Net Interest Income (NII) for Q3FY24 stood at Rs 39,816 witnessing a 4.59% year-on-year increase.

During the period under review, SBI’s credit growth at 14.38% year-on-year, with domestic advances growing by 14.47% year-on-year.

Corporate advances and SME advances have surpassed Rs10 lakh crores and Rs 4 lakh crores, respectively. Foreign offices' advances grew by 13.90% year-on-year.

The asset quality of the bank has witnessed improvements, with the gross non-performing asset (NPA) ratio at 2.42%, showing a 72 basis points year-on-year improvement.

The net NPA ratio stands at 0.64%, reflecting a 13 basis points year-on-year improvement. However, the provision coverage ratio (PCR) at 74.17% has declined by 195 basis points year-on-year.

SBI's slippage ratio for the first nine months of FY24 improved by 5 basis points year-on-year, standing at 0.67%. In Q3FY24, the slippage ratio increased by 17 basis points year-on-year to reach 0.58%. The credit cost for Q3FY24 remained flat year-on-year at 0.21%.

The Capital Adequacy Ratio (CAR) at the end of Q3FY24 stands at a healthy 13.05%.

SBI's alternate channels increased its share of total transactions, rising from approximately 97.2% in 9MFY23 to around 97.7% in 9MFY24, indicating a continued trend towards digital transactions.