SBI Q4 Result: Profit Surges 24% To Rs 20,698 Crore; Announces Rs 13.70 Dividend

SBI Q4 Result: Bank's net profit surged by over 125 per cent, reaching Rs 9,163.96 crore in the December quarter of FY24 (Q3FY24), more than doubling from the previous quarter

SBI Q4 Result ( Image Source :Getty )

SBI Q4 Result: India's largest state-owned bank, the State Bank of India (SBI), posted a standalone net profit of Rs 20,698.35 crore, marking a 24 per cent increase year-on-year (Y-o-Y), driven by elevated interest income and reduced provisions. This surge contrasts with the previous fiscal's March quarter when the bank reported a net profit of Rs 16,694.5 crore.

The reported number significantly surpassed analysts' expectations, who forecasted a profit after tax (PAT) ranging from Rs 10,432 to Rs 14,743 crore. On the stock exchanges, SBI's shares surged by 3.6 per cent intraday, reaching a new all-time high of Rs 839.6 each. In contrast, the S&P BSE Sensex experienced a decline of 1.2 per cent at 2:40 PM.

SBI's net profit surged by over 125 per cent, reaching Rs 9,163.96 crore in the December quarter of FY24 (Q3FY24), more than doubling from the previous quarter. The net profit for the entire fiscal year stood at Rs 61,077 crore, marking a growth of 21.59 per cent year-on-year (Y-o-Y), including a wage settlement and a one-time exceptional item of Rs 7,100 crore.

Operationally, SBI's net interest income (NII) rose by 3 per cent Y-o-Y to Rs 41,656 crore, compared to Rs 40,392.5 crore reported in the same quarter in FY23. The operating profit (before provisions and contingencies) for the March quarter reached Rs 28,747 crore, reflecting a 16.7 per cent increase from the previous year's Rs 21,621 crore. In the December quarter, the operating profit was Rs 20,336 crore. The operating profit for FY24 saw a Y-o-Y growth of 12.05 per cent, accounting for Rs 93,797 crore.

Dividend Announcement

SBI has announced a dividend of Rs 13.70 per equity share for the financial year ending on March 31, 2024. The record date for determining shareholder eligibility for the dividend has been set for Wednesday, May 22, 2024. The dividend payment date is scheduled for June 5, 2024.