The State Bank of India (SBI) reported a 178.25 per cent YoY increase in net profit to Rs 16,884 cr for the period April to June 2023.
The largest Indian commercial bank posted a YoY increase in net interest income (NII) of 24.71 per cent in the April to June 20223 quarter while reporting its Q1 results today. Domestic NIM increased by 24 basis points year on year to 3.47 per cent in Q1FY24.
SBI revealed that its operating profit increased by 98.37 per cent YoY to 25,297 crores in Q1FY24, up from 12,753 crores in Q1FY23. For the quarter, the bank’s ROA and ROE were 1.22 per cent and 24.42 per cent, respectively.
During the just ended Q1FY24, SBI recorded credit growth of 13.90 per cent YoY, with domestic advances expanding at 15.08 per cent YoY. Domestic Advances increased by 18.27 per cent YoY, led by SME Advances, which increased by 16.46 per cent YoY.
SBI went on to say that its deposits increased by 12.00 per cent YoY, with CASA deposits increasing by 5.57 per cent YoY. As of June 30th, the CASA ratio was 42.88 per cent.
SBI also managed to keep its NPA in check during the April to June 2023 quarter. SBI announced a 1.15 per cent decrease in gross NPA ratio to 2.76 per cent in the April to June 2023 quarter. The bank’s net NPA ratio was 0.71 per cent, down 29 basis points YoY.
The largest Indian commercial bank’s provision coverage ratio (PCR) was 74.82%, down 23 basis points year on year, while the PCR (including AUCA) improved by 1.27% year on year to 91.41%.
SBI’s Slippage Ratio improved by 44 basis points year on year to 0.94% in Q1FY24. Credit cost decreased by 29 basis points year on year to 0.32% in Q1FY24.
SBI’s Capital Adequacy Ratio (CAR) improved by 1.13% year on year to 14.56% at the end of Q1FY24.
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Following the release of SBI’s Q1 results, a sell-off in SBI share price occurred, and SBI shares fell from approximately 595 apiece levels to an intraday low of 572.15 apiece on the NSE.
