State Bank of India (SBI), has released its remarkable financial statistics for the quarter that ended on March 31, 2024. Comparing the same time last year to this one, the bank’s net profit increased significantly by 24 percent to Rs 20,698 crore from Rs 16,695 crore. This outstanding achievement has surpassed experts’ forecasts, which predicted a net profit of Rs 13,400 crore.
Dividend Declaration and Stock Performance
For the fiscal year 2023–2024, SBI has declared a dividend of Rs 13.70 per share. The news was well received by investors, as SBI’s shares increased by about 3% to Rs 834.40 a share.
Improved Asset Quality
The March quarter saw an improvement in the bank’s asset quality. While the net non-performing asset (NPA) dropped to 0.57 percent from 0.67 percent the year previously, the gross non-performing asset (GNPA) reduced to 2.24 percent from 2.78 percent.
Robust Loan Growth
Strong credit demand at SBI resulted in one of the greatest loan growth performances in more than eight quarters. The interest earned by the bank increased from Rs 92,951 crore to Rs 1.11 lakh crore, a 19% increase.
Financial Performance
From Rs 1.06 lakh crore at the same period previous year to Rs 1.28 lakh crore in Q4FY24, total income increased dramatically. Though at a somewhat slower rate, operating expenditures rose from Rs 29,732 crore to Rs 30,276 crore. From Rs 3,315 crore to Rs 1,609 crore in the prior year, the total provisions were almost half.
Outlook and Expansion Plans
SBI is positive about its prospects going upward. The bank expects to keep credit growth on a 15–16 percent trend, same as it did in FY24. In addition, SBI is currently hiring between 11,000 and 12,000 people for the 2024–2025 fiscal year.