SBI Q4 net rises 24% to ₹20,698 crore

State Bank of India (SBI) reported fourth-quarter standalone net pro t rose 24% to ₹20,698 crore from the year-earlier period.

Net interest income (NII) increased marginally to ₹41,655 crore from ₹40,393 crore in the yearearlier period. Net interest margin declined 37 bps to 3.47%. The bank’s loan loss provisions during the quarter increased 157.65% YoY to ₹3,294 crore, the country’s largest public sector lender said in a ling.

Gross non-performing assets during the quarter declined 7.32% to ₹84,276 crore and net non-performing assets declined 1.94% to ₹21,051 crore.

Net pro t for FY24 increased 21.59% to ₹61,077 crore over the previous year even after accounting for wage settlement and a one-time exceptional item of ₹7,100 crore.

NII for FY24 increased 10.38% YoY to ₹1,59,876 crore. The bank’s NIM for FY24 marginally dropped by 9 bps YoY to 3.28%.

Credit growth was at 15.24% YoY with domestic advances growing by 16.26% YoY. Total deposits grew at 11.13% YoY.

“Our net pro t for the nancial year [FY24] is the highest ever. This is despite incurring wage revision expenses of ₹13,387 crore as per the bipartite wage settlement and after absorbing additional liability of ₹7,100 crore related to pensions and DA relief neutralisation in the third quarter,” Chairman Dinesh Khara told journalists.