SBI's Q4 results: State Bank of India (SBI), India's largest state-owned bank, recorded a standalone net profit of Rs 20,698.35 crore, up 24% year on year, owing to greater interest income and minimal provisions.

The bank declared a net profit of Rs 16,694.5 crore in the preceding fiscal year's March quarter (Q4FY23). Analysts had predicted PAT in the range of Rs 10,432 crore to Rs 14,743 crore, but the result was well above their expectations. SBI shares rose 3.6% intraday to a new record high of Rs 839.6 per. In comparison, the S&P BSE Sensex was down 1.2% at 2:40 PM.

State Bank of India

SBI's net profit more than doubled sequentially, rising 125% from Rs 9,163.96 crore in the December quarter of FY24 (Q3FY24).

Net profit for the entire fiscal year was Rs 61,077 crore, up 21.59 percent year on year after accounting for salary settlement and a one-time extraordinary item of Rs 7,100 crore.

Meanwhile, SBI's net interest income (NII) grew 3% year on year to Rs 41,656 crore, up from Rs 40,392.5 crore in Q4FY23.

Operating profit (before provisions and contingencies) for the March quarter was Rs 28,747 crore, up 16.7 percent from Rs 21,621 crore reported the previous year. During the December quarter, the operational profit was Rs 20,336 crore. Operating profit for FY24 increased by 12.05 per cent year on year to Rs 93,797 crore.

SBI's Q4 Dividend Announcement

The Bank's Board of Directors has declared a dividend of Rs 13.70 per equity share for the fiscal year ending 31 March 2024. The record date for assessing the eligibility of shareholders entitled to the dividend has been set as Wednesday, May 22, 2024. The dividend is scheduled to be paid on June 5, 2024.

SBI Q4 Asset Quality and Provisions

SBI's overall provisions for the March quarter fell to Rs 1,609.78 crore from Rs 3,315.7 crore in the previous year period. These, however, increased sequentially from Rs 687.85 crore set aside in the third quarter of fiscal year 24.