Profit in FY24 was up 20.55% to Rs67,084.67 crore
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 Rs 18,093.84 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 in a regulatory filing.
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.
SBI shares jump over 1% after announcement of Q4 results
Meanwhile, Shares of SBI on Thursday climbed over 1 per cent after the company reported 18.18 per cent growth in March quarter consolidated net profit.
The stock advanced 1.14 per cent to Rs 819.65 apiece on the BSE. During the day, it rallied 3.60 per cent to Rs 839.60.
On the NSE, it went up by 1.13 per cent to Rs 820 per share.
The company’s market capitalisation (mcap) jumped Rs 8,255.27 crore to Rs 7,31,505.82 crore.
In volume terms, 11.77 lakh shares of the company were traded on the BSE and 492.90 lakh shares on the NSE during the day.
