SBI’s FY24 Net Profit Grows By 21.59% To Rs610.77 Bn

Gross NPA ratio at 2.24% improved by 54 bps YoY

FinTech BizNews Service

Mumbai, May 9, 2024: State Bank of India today announced its Q4 FY24 & Annual results.



• SBI’s Net Profit for FY24 stands at Rs61,077 crores witnessing a growth of 21.59% YoY after accounting for wage settlement and one-time exceptional item of Rs7,100 crores. Net Profit for Q4FY24 grew by 23.98% to Rs20,698 crores.

• Operating Profit for FY24 grew by 12.05% YoY to Rs93,797 crores; while Operating

Profit for Q4FY24 grew by 16.76% YoY to Rs28,748 crores.

• Bank’s ROA and ROE for FY24 stand at 1.04% and 20.32% respectively.

• ROA at 1.36% for Q4FY24 improved by 13 bps YoY.

• Net Interest Income (NII) for FY24 increased by 10.38% YoY.

• Whole Bank NIM for FY24 is marginally down by 9 bps YoY to 3.28%.

Balance Sheet

• Credit growth is at 15.24% YoY with Domestic Advances growing by 16.26% YoY.

• Corporate Advances and Agri Advances cross Rs11 lakh crores and 3 lakh crores


• Foreign Offices’ Advances grew by 9.47% YoY.

• Domestic Advances growth driven by SME Advances (20.53% YoY) followed by Agri Advances which grew by 17.92% YoY.

• Retail Personal Advances and Corporate loans registered YoY growth of 14.68% and 16.17% respectively.

• Whole Bank Deposits grew at 11.13% YoY, out of which CASA Deposit grew by 4.25% YoY. CASA ratio stands at 41.11% as on 31st March 24.

Asset Quality

• Gross NPA ratio at 2.24% improved by 54 bps YoY.

• Net NPA ratio at 0.57% improved by 10 bps YoY.

• PCR (Incl. AUCA) stands at 91.89% with Provision Coverage Ratio (PCR) being at


• Slippage Ratio for FY24 improved by 3 bps YoY and stands at 0.62%.

• Credit Cost for FY24 improved by 3 bps YoY and stands at 0.29%.

Capital Adequacy

• Capital Adequacy Ratio (CAR) as at the end of FY24 stands at 14.28%.

Alternate Channels

• Share of Alternate Channels in total transactions increased from ~96.9% in FY23 to

97.8% in FY24.

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