SBI's Q4 profit surges 24% to nearly ₹20,700 crore
The State Bank of India (SBI), the nation's top lender, has announced a 24% increase in net profit for the quarter ending March 31, 2024. The net profit soared to ₹20,698 crore from ₹16,695 crore during the same period last year. This significant growth was primarily driven by robust loan demand. Notably, SBI's reported profit exceeded analysts' forecasts of ₹13,400 crore.
SBI declares ₹13.70 dividend, shares trade higher
In addition to its impressive profit figures, SBI has declared a dividend of ₹13.70 per share. This announcement had a positive impact on the bank's shares which were trading nearly 2% higher at ₹825.80 each as of 2:50pm. SBI's interest earned increased 19% to ₹1.11 lakh crore in Q4 as against ₹92,951 crore a year ago. In Q4FY24, the public lender's total income also increased to ₹1.28 lakh crore from ₹1.06 lakh crore in Q4FY23.
SBI reports decrease in non-performing asset ratios
SBI also reported a reduction in its non-performing asset ratios. The gross non-performing asset (GNPA) ratio decreased to 2.24%, down from the previous year's figure of 2.78%. Similarly, the net NPA saw a decline, standing at 0.57% compared to last year's figure of 0.67%. This marks a significant improvement in the bank's asset quality over the past year.
