State Bank of India (SBI) unveiled its Q1 results today reporting net profit in Q1FY24 zooms 178% to 16,884 crore from 6,068 crore, YoY. The largest state-run lender in the country net interest income in the quarter ended June 2023 rose 24.5% to 38,904 crore from 31,195.9 crore, YoY.

SBI Q1 results today.(HT File)

The SBI share price commenced at 594.90 each, nearly 1% higher on the BSE in anticipation of the Q1 results on Friday. However, it later fell to 585.95 at 1:30pm, showing a decrease from the previous day’s closing price of 590.60.

SBI’s net interest margin is 3.47%

SBI’s net interest margin, a crucial measure of profitability, climbed to 3.47% from 3.23% compared to the previous year.

The bank witnessed a notable 13.9% rise in its gross loans compared to the previous year, coupled with a 12% increase in deposits, driven particularly by term deposits which offer more favourable returns.

Provisions and contingencies experienced a significant decline of 43% year-on-year, amounting to 2,501 crore. This figure marked a decrease from the 3,316 crore reported in the January-March period.

SBI’s gross non-performing assets (NPA) ratio, a critical measure of asset quality, dropped to 2.76% from the previous quarter’s 2.78% and a substantial reduction from 3.91% recorded a year ago. In contrast, the net NPA ratio saw a marginal increase to 0.71% from 0.67% in the preceding three months.

What were SBI Q4 results in 2023

In the preceding quarter, ending March 2023, SBI reported a net profit of 16,694.5 crore, indicating an 83% rise from the 9,113.5 crore reported during the same period in the previous fiscal year. The net interest income (NII) for Q4FY23 increased by 29.5% YoY, reaching 40,392 crore from 31,197 crore. The domestic net interest margin (NIM) for Q4FY23 showed a YoY growth of 44 basis points to reach 3.84%. Furthermore, SBI’s operating profit in the quarter surged by 24.87% YoY to 24,621 crore.

Watchlist for Other Companies

Aside from SBI, the day will also see 71 other listed companies announce their Q1 results. These include names like Britannia Industries, Fortis Healthcare, Bharat Dynamics, HDFC, MapmyIndia, and Rain Industries, among others.

(Inputs from wire)



Source link