SBI Q4 Net Profit Falls 10% To Rs 18,643 Crore, Board Declares Rs 15.90 Dividend Per Share

Despite the dip in profit, the bank's total income rose significantly, reaching Rs 1,43,876 crore in Q4 FY24, up from Rs 1,28,412 crore in the same period a year earlier

On a consolidated basis, the net profit for the March quarter stood at Rs 19,600 crore, down 8 per cent from Rs 21,384 crore in the year-ago quarter

Source : PTI

State Bank of India (SBI), the country’s largest public-sector lender, reported a 10 per cent decline in standalone net profit for the fourth quarter ended March 2024. The bank posted a profit of Rs 18,643 crore for the January-March period, compared to Rs 20,698 crore in the corresponding quarter last year.

Despite the dip in profit, the bank's total income rose significantly, reaching Rs 1,43,876 crore in Q4 FY24, up from Rs 1,28,412 crore in the same period a year earlier. Interest income during the quarter also saw a rise, coming in at Rs 1,19,666 crore compared to Rs 1,11,043 crore a year ago.

In a regulatory filing on May 3, SBI announced a dividend of Rs 15.90 per equity share for the financial year 2024-25, rewarding shareholders even as quarterly profits softened.

On a consolidated basis, the net profit for the March quarter stood at Rs 19,600 crore, down 8 per cent from Rs 21,384 crore in the year-ago quarter. Consolidated total income, however, increased to Rs 1,79,562 crore from Rs 1,64,914 crore, reflecting the bank’s continued revenue growth across business segments.

Gross Non-Performing Assets

One of the key positives for the bank during the quarter was the improvement in asset quality. Gross non-performing assets (NPAs) fell to 1.82 per cent of total advances, down from 2.24 per cent at the end of the previous quarter. Net NPAs also declined to 0.47 per cent, compared to 0.57 per cent earlier, indicating better loan performance and recovery.

For the full financial year FY24, SBI reported a 16 per cent increase in standalone net profit, which rose to Rs 70,901 crore from Rs 61,077 crore in FY23, highlighting strong annual performance despite quarterly fluctuations.

In addition, the bank’s board has approved a proposal to raise equity capital of up to Rs 25,000 crore during FY26. The capital will be mobilized through one or more tranches via Qualified Institutional Placement (QIP), Follow-on Public Offer (FPO), or other modes, aimed at strengthening the bank’s capital base and supporting future growth plans.