Hot Pursuit     05-Feb-24
SBI Q3 PAT drops 35% YoY on one-time pension provisions
The largest PSU bank’s standalone net profit slipped 35.49% to Rs 9,163.96 crore in Q3 FY24 as against Rs 14,205.34 crore posted in Q3 FY23.
Profit after tax for the December 2023 quarter includes provisions of Rs 7,100 crore on account of one-time increase in pension liabilities at uniform rate of 50% and dearness relief neutralization.

Total income increased 20.5% year on year (YoY) to Rs 1,18,192.68 crore in the quarter ended 31 December 2023.

Profit before tax in Q3 FY24 stood at Rs 12,548.23 crore, a decrease of 35.51% from Rs 19,458.71 crore in Q3 FY23.

Net interest income rose 4.59% to Rs 39,816 crore in Q3 FY24 as compared with Rs 38,069 crore in Q3 FY23. Net interest margin (domestic) reduced by 35 bps to 3.34% in Q3 FY24 as against 3.69% in Q3 FY23.

Operating profit declined 19.36% YoY to Rs 20,336.08 crore in the quarter ended 31 December 2023 as compared with Rs 25,219.28 crore posted in corresponding quarter last year.

Total deposits grew 13.02% to Rs 47,62,221 crore as on 31 December 2023 as against Rs 42,13,557 crore as on 31 December 2022, out of which CASA Deposit grew by 4.48% YoY. CASA ratio slipped 330 bps to 41.18% as on 31 December 2023.

The bank's return on assets (ROA) for the quarter stood at 0.62% as against 1.08% in Q3 FY23.

Provision coverage ratio (PCR) reduced by 195 bps YoY at 74.17%. PCR (including AUCA) stood at 91.49%.

The bank's gross non-performing assets (NPAs) slipped to Rs 86,748.81 crore as on 31 December 2023 as against Rs 98,346.50 crore as on 31 December 2022.

The ratio of gross NPAs to gross advances stood at 2.42% as on 31 December 2023 as against 3.14% as on 31 December 2022.

The ratio of net NPAs to net advances stood at 0.64% as on 31 December 2023 as against 0.77% as on 31 December 2022.

The bank's credit growth stood at 14.38% YoY. Domestic advances grew at 14.47% YoY and Foreign Offices' advances rose by 13.90% YoY.

Capital Adequacy Ratio (CAR) as at the end of Q3 FY24 reduced by 22 bps YoY and stands at 13.05%, slippage ratio was at 0.58%, improved by 17 bps YoY while credit cost remainde flat YoY to 0.21%.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2023, the Government of India held 57.49% stake in the bank.

The scrip declined 0.37% to currently trade at Rs 648 on the BSE.

Previous News
  Nifty August futures trade at premium
 ( Market Commentary - Futures Market 06-Aug-24   16:33 )
  Nifty October futures trade at premium
 ( Market Commentary - Futures Market 09-Oct-24   16:43 )
  Nifty May futures trade at premium
 ( Market Commentary - Futures Market 15-May-24   16:30 )
  Nifty May futures trade at premium
 ( Market Commentary - Futures Market 07-May-24   16:14 )
  Nifty May futures trade at premium
 ( Market Commentary - Futures Market 22-May-24   16:14 )
  State Bank of India signs MoU with Foreign, Commonwealth & Development Office, UK
 ( Corporate News - 24-Jul-24   16:25 )
  State Bank of India spurts 2.17%, up for third straight session
 ( Hot Pursuit - 21-Feb-24   13:05 )
  State Bank of India to declare Quarterly Result
 ( Corporate News - 02-May-24   11:49 )
  State Bank of India
 ( Results - Analysis 05-Nov-23   08:31 )
  State Bank of India
 ( Results - Analysis 10-May-24   08:50 )
  State Bank of India spurts 1.11%, rises for third straight session
 ( Hot Pursuit - 07-Jun-24   13:05 )
Other Stories
  Sandur Manganese to acquire additional 20% stake in ASPL
  05-Nov-24   08:45
  SPARC drops as Q2 net loss widens to Rs 107 crore
  04-Nov-24   17:01
  Tube Investments ends lower after Q2 PAT drops over 18% YoY even as revenue rises
  04-Nov-24   15:48
  IRFC Q2 PAT rises 4% YoY to Rs 1,612 cr
  04-Nov-24   15:42
  Exide Inds Q2 PAT rises 4% YoY to Rs 298 crore
  04-Nov-24   15:17
  Poly Medicure Ltd leads losers in 'A' group
  04-Nov-24   15:00
  Hatsun Agro Product slips as Q2 PAT slides 17% YoY to Rs 64 cr
  04-Nov-24   14:51
  Prudent Corporate Advisory Services Ltd leads losers in 'B' group
  04-Nov-24   14:45
  Volumes jump at Fine Organic Industries Ltd counter
  04-Nov-24   14:30
  Oil and Gas shares fall
  04-Nov-24   14:00
Back Top