SBI Results 2024 Key Highlights:

SBI Results 2024 Key Highlights: SBI’s Q4FY24 Performance: A Story of Resilience and Growth

State Bank of India (SBI), the nation’s largest public-sector bank, recently unveiled its financial results for the fourth quarter of fiscal year 2024, showcasing robust performance across various key parameters. Here’s an insightful overview of SBI’s Q4FY24 results, highlighting its exceptional growth and resilience amidst challenging economic conditions.

Profitability Highlights Of SBI Results 2024 Key Highlights::

  • SBI reported impressive profitability, with its net profit for FY24 reaching ₹61,077 crores, marking a substantial 21.59% year-on-year (YoY) growth after accounting for one-time exceptional items. In Q4FY24 alone, the net profit surged by 23.98% YoY to ₹20,698 crores, surpassing market expectations.
  • Operating profit for FY24 witnessed a notable growth of 12.05% YoY, reaching ₹93,797 crores. Q4FY24 saw a remarkable 16.76% YoY increase in operating profit, totaling ₹28,748 crores, indicating the bank’s operational efficiency and effective cost management.

Strength in Net Interest Income and Margin of SBI Results 2024 Key Highlights::

  • SBI demonstrated resilience in its Net Interest Income (NII), which grew by 10.38% YoY for FY24. In Q4FY24, the NII rose by 3.13% YoY to ₹41,655 crores, driven by robust lending activities and prudent asset-liability management.
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  • Despite a marginal decline in Whole Bank Net Interest Margin (NIM) to 3.28% for FY24, the Domestic NIM improved to 3.47% in Q4FY24, reflecting the bank’s adeptness in optimizing its interest rate spread amidst market fluctuations.

Balance Sheet Growth and Asset Quality Improvement of SBI Results 2024 Key Highlights:

SBI Results 2024 Key Highlights:

  • SBI’s credit growth remained strong at 15.24% YoY, with Domestic Advances witnessing robust growth of 16.26% YoY. Notably, Corporate Advances and Agri Advances crossed significant milestones of ₹11 lakh crores and ₹3 lakh crores, respectively, indicating a diversified lending portfolio.
  • Whole Bank Deposits grew by 11.13% YoY, supported by a 4.25% YoY increase in CASA deposits. The CASA ratio stood at 41.11% as of 31st March 2024, reflecting a healthy mix of low-cost deposits.
  • ( Also read – SBI Q4 Results: Profit may fall 3-7% YoY; muted growth in NII likely )
  • The bank demonstrated significant improvement in asset quality, with Gross Non-Performing Assets (NPA) ratio decreasing by 54 basis points (bps) YoY to 2.24% and Net NPA ratio declining by 10 bps YoY to 0.57%. The Provision Coverage Ratio (PCR) stood robust at 91.89%, highlighting prudent provisioning practices.

Capital Adequacy and Digital Adoption of SBI Results 2024 Key Highlights::

  • SBI maintained robust capital adequacy, with the Capital Adequacy Ratio (CAR) standing at 14.28% as of the end of FY24, ensuring ample buffer to support its growth aspirations and absorb unforeseen contingencies.
  • The bank witnessed a notable increase in the share of Alternate Channels in total transactions, underscoring the growing adoption of digital banking platforms and its commitment to enhancing customer experience and accessibility.

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Financial Summary for Q4FY24: ( SBI Results 2024 Key Highlights)

Metric Q4FY23 Q3FY24 Q4FY24 YoY % Change QoQ % Change
Net Interest Income (₹ Crores) 40,393 39,816 41,655 3.13 4.62
Operating Profit (₹ Crores) 24,621 20,336 28,748 16.76 41.36
Loan Loss Provisions (₹ Crores) 1,278 1,757 3,294 157.65 87.48
Profit After Tax (₹ Crores) 16,695 9,164 20,698 23.98 125.87

Conclusion: SBI’s stellar performance in Q4FY24 underscores its resilience, agility, and unwavering commitment to excellence amidst challenging market conditions. With a robust financial foundation, prudent risk management practices, and a customer-centric approach, SBI is well-positioned to sustain its growth momentum, drive profitability, and deliver long-term value to its stakeholders, further solidifying its position as a cornerstone of India’s banking sector.

SBI Results 2024 Key Highlights:

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