State Bank of India (SBI) on Friday announced its financial results for the quarter ended June 30, 2023, the company announced through an exchange filing.
Profitability
Net Profit for Q1FY24 grew by 178.25 percent YoY to Rs 16,884 crores from Rs 6,068 crores during Q1FY23. Operating Profit for Q1FY24 grew by 98.37 percent YoY to Rs 25,297 crores from Rs 12,753 crores during Q1FY23.
Bank’s ROA and ROE for the quarter stand at 1.22 percent and 24.42 percent respectively. Net Interest Income (NII) for Q1FY24 increased by 24.71 percent YoY. Domestic NIM for Q1FY24 increased by 24 bps YoY to 3.47 percent.
Balance Sheet
Credit growth at 13.90 percent YoY with Domestic Advances growing at 15.08 percent YoY. Foreign Offices’ Advances grew at 7.44 percent YoY. Domestic Advances growth driven by SME Advances (18.27 percent YoY) followed by Retail
Personal Advances which grew by 16.46 percent YoY. Auto loans cross Rs 1 lakh crores. Agri and Corporate loans registered YoY growth of 14.84 percent and 12.38 percent respectively.
Whole Bank Deposits grew at 12.00 percent YoY, out of which CASA Deposit grew by 5.57 percent YoY. CASA ratio stands at 42.88 percent as on 30th June 23.
Asset Quality
Gross NPA ratio at 2.76 percent down by 115 bps YoY. Net NPA ratio at 0.71 percent down by 29 bps YoY. Provision Coverage Ratio (PCR) at 74.82 percent down by 23 bps YoY, PCR (Incl. AUCA) improved by 127 bps YoY and stands at 91.41 percent.
Slippage Ratio for Q1FY24 improved by 44 bps YoY and stands at 0.94 percent. Credit Cost for Q1FY24 improved by 29 bps YoY to 0.32 percent.
Capital Adequacy
Capital Adequacy Ratio (CAR) as at the end of Q1FY24 improved by 113 bps YoY and stands at 14.56 percent.
Alternate Channels
63 percent of SB accounts and 35 percent of retail asset accounts acquired digitally through YONO. Share of Alternate Channels in total transactions increased from approximately 97 percent in Q1FY23 to approximately 97.5 percent in Q1FY24.
