SBI Q1 Results: Net profit grew up by 178%, operating profit jumps to 25297 Cr YoY

Last Updated on August 5, 2023 by Brajesh

Largest public sector bank, State Bank Of India, has reported its number for Q1 where Net profit grew up by 178%, operating profit jumps to 25297 Cr YoY.

SBI Q1 Results: Net profit grew up by 178%, operating profit jumps to 25297 Cr YoY (Click here SBI Share Price

Financial Performance

SBI has reported a Net Profit of Rs 16884 Cr. For Q1 of FY 2023-24 which is highest ever Net Profit for the fourth quarter in succession. Profit is up by 178 percent on YOY basis. Last year bank has reported 6068 Cr as their Net Profit for Q1 of FY 2022-23.

Bank has been able to generate Rs 38905 Cr as Net Interest Income in Q1 of FY 23-24 against 31196 Cr in Q1 of FY 22-23 up by 24.71 Percent on y-o-y basis.

Non Interest Income of the bank has also grown up by 421 percent and has gone up to Rs 12063 Cr in Q1 from 2312 Cr on y-o-y basis. Non interest income comprises of Fee Income, profit on revaluation of investment, forex income & misc income.

As a result of improved Net Interest Income and other Income of the bank, the Operational profit has shown a steep rise and went up to Rs 25297 Cr showing a net growth of 98.36 percent, Operating profit for Q1 in FY22-23 was 12753 Cr.

Business Performance

Bank has reported a total deposit of Rs 45,31,237 Cr for Qtr ending June 2023, which was at 4045696 cr in June 2022, up by 12 percent.

Total advances of the bank grew up by 13.90 percent. Advances reported for June 2023 is 33,03,731 Cr against 29,00,636 in June 2022.

Asset Quality

Gross NPA ratio of the bank is down by 115 bps YoY, underlining continued improvement in quality of assets, whereas Net NPA is improved by 29 bps in June 2023. Gross NPA stood at 2.76 percent and Net NPA is at .71 percent.

Other Parameters

CASA deposit as at Jun 2023 is 42.88 percent against 45.33 percent in June 2022.

Capital adequacy ratio is improved by 113 bps and reported as 14.56 percent against 13.43 in June 2022

 

Currently State Bank Of India sponsor 14 Regional Rural Bank (RRB’s) in 13 States & UT.

Analyst presentation can be viewed here Analyst Presentation

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