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Business News/ Companies / Company Results/  SBI Q1 results 2023: Net profit jumps 178% to 16,884 crores, NII rises 24.71%. Stock dips 3%
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SBI Q1 results 2023: Net profit jumps 178% to 16,884 crores, NII rises 24.71%. Stock dips 3%

SBI Q1FY24 results: Net Profit for Q1FY24 grew by 178.25% YoY to ₹16,884 crores from ₹6,068 crores during Q1FY23

SBI results Q1FY24: Net Interest Income (NII) for Q1FY24 has increased by 24.71%. YoYPremium
SBI results Q1FY24: Net Interest Income (NII) for Q1FY24 has increased by 24.71%. YoY

Q1 results today: The State Bank of India (SBI) has declared its quarterly results for April to June 2023 period. The largest Indian commercial bank declared its quarterly earning for Q1FY24 on Friday noon in which it reported 178.25% YoY rise in net profit to 16,884 crore.

While announcing its Q1 results today, the largest Indian commercial bank reported YoY rise of 24.71% in its net interest income (NII) in April to June 20223 quarter. Domestic NIM for Q1FY24 increased by 24 bps YoY to 3.47%.

SBI reported that its Operating Profit for Q1FY24 grew by 98.37% YoY to 25,297 crores from 12,753 crores during Q1FY23. Bank’s ROA and ROE for the quarter stand at 1.22% and 24.42% respectively.

SBI reported Credit growth at 13.90% YoY with Domestic Advances growing at 15.08% YoY during the recently ended Q1FY24. Domestic Advances growth was driven by SME Advances (18.27% YoY) followed by Retail Personal Advances which grew by 16.46% YoY.

SBI went on to inform that its deposits grew at 12.00% YoY, out of which CASA Deposit grew by 5.57% YoY. CASA ratio stands at 42.88% as on 30th June 23.

In April to June 2023 quarter, SBI has managed to contain its NPA as well. In April to June 2023 quarter, SBI reported 1.15% dip in gross NPA ratio at 2.76%. Net NPA ratio if the bank stood at 0.71%, down by 29 bps YoY.

Provision Coverage Ratio (PCR) of the largest Indian commercial bank stood at 74.82%, down by 23 bps YoY, PCR (Incl. AUCA) improved by 1.27% YoY and stands at 91.41%.

SBI's Slippage Ratio for Q1FY24 improved by 44 bps YoY and stands at 0.94%. Credit Cost for Q1FY24 improved by 29 bps YoY to 0.32%.

SBI's Capital Adequacy Ratio (CAR) as at the end of Q1FY24 improved by 1.13% YoY and stands at 14.56%.

Stock market reaction to SBI results for Q1FY24

After the announcement of SBI's Q1 results, sell off in SBI share price triggered and SBI shares dipped from around 595 apiece levels and hit intraday low of 572.15 apiece on NSE.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 04 Aug 2023, 01:59 PM IST
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