State Bank of India (SBI), on February 3, reported a net profit of Rs 9,163 crore for the October-December quarter of the financial year 2023-24, marking a 35 percent fall.
The net interest income (NII) of the country's largest bank stood at Rs 39,815 crore, missing estimates of Rs 40,304 crore.
Here are the key highlights from the earnings report.
Profit falls
The net profit of the country's largest lender fell by 35 percent to Rs 9,163 crore. The bank, in a press release, said that it had a one-time exceptional item of Rs 7,100 crore.
The net interest income (NII) of the country's largest bank stood at Rs 39,815 crore, missing estimates of Rs 40,304 crore. Net interest margin of the lender stood at 3.22 percent.
Healthy asset quality
The bank's gross non-performing asset (NPA) stood at 2.42 percent, down from 3.14 percent recorded in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.64 percent compared to 0.77 percent last year.
The slippage ratio of the lender increased by 17 basis points (bps) and stood at 0.58 percent.
Deposit growth
Total deposits of the lender grew to Rs 47.62 lakh crore in the reporting quarter, showing a growth of 13 percent.
CASA deposits of the bank stood at Rs 18.81 lakh crore compared to Rs 18 lakh crore last year.
All round advances growth
On advances end, total advances of the bank grew by 14.38 percent and stood at Rs 35.84 lakh crore. Retail personal advances grew by 15 percent and stood at Rs 12.96 lakh crore.
Home loan advances of the bank grew by 13.16 percent to Rs 6.93 lakh crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
