SBI Q4 net grows 18% to Rs 21,384 cr
SBI’s profit in FY24 rose 20.55% to Rs67,084.67 cr as compared to Rs55,648.17 cr in FY23
Mumbai: The country’s largest lender SBI on Thursday reported 18.18 per cent growth in March quarter consolidated net profit to Rs21,384.15 crore as against Rs18,093.84 crore in the year-ago period.
On a standalone basis, profit grew to Rs20,698.35 crore from Rs16,694.51 crore a year ago, the lender said. Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs67,084.67 crore as against Rs55,648.17 crore in FY23.
In Q4 FY24, total income rose to Rs1.28 lakh crore from Rs1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs30,276 crore from the year-ago period’s Rs29,732 crore. The overall provisions nearly halved to Rs1,609 crore from Rs3,315 crore in the year-ago period.
There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.