State Bank of India (SBI) on Saturday posted profit for the fiscal second quarter at Rs 16,383.18 crore, up 9.1 per cent as against Rs 15,017.18 crore during the corresponding period of last year, surpassing estimates. According to a Bloomberg poll, SBI was expected to record a net profit of Rs 14,329 crore for the quarter ended September 2023. The country’s largest lender recorded a total income of Rs 1,44,256.12 crore, up 25.7 per cent in comparison to Rs 1,14,782.48 crore during the same period last year.
On a standalone basis, SBI posted net profit at Rs 14,330 crore. Operating profit for the quarter in review was at Rs 19,417 crore, down 8.07 per cent on-year. The bank’s ROA and ROE for the half year stood at 1.10 per cent and 22.57 per cent respectively. Net Interest Income (NII) for Q2FY24 increased by 12.27 per cent YoY. Domestic NIM for Q2FY24 decreased by 12 bps YoY to 3.43 per cent.
SBI’s balance sheet
SBI’s credit growth for the period was at 12.39 per cent on-year with domestic advances growing by 13.21 per cent on-year. While foreign offices’ advances grew by 8.11 per cent YoY, domestic advances growth was driven by SME advances (22.75 per cent YoY) followed by retail personal advances which grew by 15.68 per cent on-year. Meanwhile, agri and corporate loans recorded on-year growth of 14.76 per cent and 6.62 per cent respectively. SBI recorded deposits growth at 11.91 per cent on-year, out of which CASA deposit grew by 4.91 per cent on-year. CASA ratio stood at 41.88 per cent as on 30th September 2023.
SBI’s asset quality
The bank’s gross non-performing asset (NPA) stood at 2.55 per cent, improved by 97 bps YoY. On the other hand, net NPA for the quarter stood at 0.64 per cent, improved by 16 bps YoY. Slippage ratio, meanwhile, increased by 13 bps on-year and stood at 0.46 per cent during Q2FY24. Credit Cost for Q2FY24 improved by 6 bps YoY to 0.22 per cent. Capital Adequacy Ratio (CAR) as at the end of Q2FY24 improved by 77 bps YoY and was at 14.28 per cent
SBI said that 61 per cent of SB accounts and 39 per cent of retail asset accounts were acquired digitally through YONO in Q2FY24. According to the bank, the share of alternate channels in total transactions increased from ~96.8 per cent in H1FY23 to ~97.7 per cent in H1FY24.
SBI Q2 Results: Profit climbs 9.1% to Rs 16,383.18 crore, NII grows 12.27% on-year - The Financial Express
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