Last Updated on February 7, 2024 by ethinos
Table of Content
Key Highlights:
Profitability:
- Net Profit for the first nine months of FY24 amounted to ₹40,378 crores, marking a significant improvement of 20.40% compared to the same period in FY23 (₹33,538 crores).
- Q3FY24 witnessed a Net Profit of ₹9,164 crores, inclusive of a one-time exceptional item worth ₹7,100 crores.
- Operating Profit for Q3FY24 reached ₹20,336 crores.
- The Bank’s Return on Assets (ROA) and Return on Equity (ROE) for the first nine months of FY24 stood at 0.94% and 19.47% respectively, while the ROA for Q3FY24 was recorded at 0.62%.
- Net Interest Income (NII) for Q3FY24 saw a YoY increase of 4.59%.
- Whole Bank Net Interest Margin (NIM) for the first nine months of FY24 experienced a slight decrease of 1 basis point (bp) YoY to 3.28%, whereas Domestic NIM decreased by 8 bps YoY to 3.41%.
Additional Read: Q3 Results Dashboard
Balance Sheet:
- Credit growth was robust at 14.38% YoY, with Domestic Advances growing by 14.47% YoY.
- Corporate Advances and SME Advances surpassed ₹10 lakh crores and ₹4 lakh crores respectively.
- Foreign Offices’ Advances grew by 13.90% YoY.
- Domestic Advances growth was primarily driven by SME Advances (19.24% YoY) and Agri Advances (18.12% YoY).
- Retail Personal Advances and Corporate loans recorded YoY growth rates of 15.28% and 10.71% respectively.
- Whole Bank Deposits grew by 13.02% YoY, with CASA Deposits witnessing a growth of 4.48% YoY, resulting in a CASA ratio of 41.18% as of December 31, 2023.
Asset Quality:
- Gross Non-Performing Asset (NPA) ratio improved to 2.42%, representing a YoY improvement of 72 bps.
- Net NPA ratio improved to 0.64%, reflecting a YoY improvement of 13 bps.
- Provision Coverage Ratio (PCR) (Including Additional Underwriting and Credit Assessment (AUCA)) stood at 91.49%, although it declined by 195 bps YoY to 74.17%.
- Slippage Ratio for the first nine months of FY24 improved by 5 bps YoY to 0.67%, while for Q3FY24, it increased by 17 bps YoY to 0.58%.
- Credit Cost for Q3FY24 remained unchanged YoY at 0.21%.
Capital Adequacy:
Capital Adequacy Ratio (CAR) as of the end of Q3FY24 stood at 13.05%.
Alternate Channels:
The share of Alternate Channels in total transactions increased from approximately 97.2% in 9MFY23 to around 97.7% in 9MFY24.
Key Summary of Q3FY24 Results
| In ₹ Crores | Q3FY23 | Q2FY24 | Q3FY24 | YoY % | QoQ % | 9MFY23 | 9MFY24 | YoY % |
| Profit & Loss | ||||||||
| Interest Income | 86,616 | 1,01,379 | 1,06,734 | 23.23 | 5.28 | 2,39,152 | 3,04,088 | 27.15 |
| Interest Expenses | 48,547 | 61,879 | 66,918 | 37.84 | 8.14 | 1,34,704 | 1,85,867 | 37.98 |
| Net Interest Income | 38,069 | 39,500 | 39,816 | 4.59 | 0.80 | 1,04,448 | 1,18,221 | 13.19 |
| NIM % (Domestic) | 3.69 | 3.43 | 3.34 | -35 bps | -9 bps | 3.49 | 3.41 | -8 bps |
| Operating Profit | 25,219 | 19,417 | 20,336 | -19.36 | 4.74 | 59,092 | 65,050 | 10.08 |
| Loan loss provisions | 1,586 | 1,815 | 1,757 | 10.75 | -3.19 | 7,865 | 6,224 | -20.87 |
| Profit after tax | 14,205 | 14,330 | 9,164 | -35.49 | -36.05 | 33,538 | 40,378 | 20.40 |
Additional Check: SBI Share Price
About State Bank of India (SBI)
State Bank of India (SBI), a Fortune 500 company, stands as a cornerstone of Indian banking, embodying a legacy spanning over 200 years. As an Indian Multinational and a public sector banking and financial services institution, SBI’s headquarters reside in Mumbai.
With a remarkable 1/4th market share, SBI proudly serves more than 48 crore customers through an extensive network comprising over 22,405 branches, 65,627 ATMs/ADWMs, and 76,089 BC outlets. Its enduring reputation as India’s most trusted bank has been nurtured across generations, underpinned by values deeply entrenched in Service, Transparency, Ethics, Politeness, and Sustainability.
Embracing innovation and unwaveringly centred on customer needs, SBI champions a culture of continuous improvement. The bank has successfully diversified its portfolio through subsidiaries such as SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, and SBI Card, among others. Globally, SBI operates in 29 foreign countries, spanning 235 offices and traversing multiple time zones.
Amidst evolving paradigms, SBI remains at the forefront of redefining banking in India. Committed to offering responsible and sustainable banking solutions, SBI’s journey reflects its steadfast dedication to progress and prosperity for all.
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Source: https://sbi.co.in/documents/17836/1275616/030224-SBI+Press+Release+Q3FY24.pdf/4f3f24cc-1f15-1919-d970-48d67798d90c?t=1706949270346
