SBI’s PAT rises 24% on year to 20,698 crore rupees, beats estimates

2 mins read . 09 May 2024 . 12:58 PM

On Thursday, India's largest public sector undertakings (PSU) bank, State Bank of India (SBI) announced its quarter-ending March results. The bank's standalone net profit surged 24% annually to 20,698 crore rupees from 16,694 crore rupees, beating the street’s estimates of 16,695 crore rupees.

Key takeaways from SBI’s earnings:

• Standalone net profit rose 24% on year to 20,698 crore rupees.
• The bank surpassed the street’s estimates of 16,695 crore rupees.
• BoD recommended a final dividend of 13.70 rupees per share.
• Interest earnings rose by 19% on year to 1,11,043 crore rupees.

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SBI’s Board of Directors also recommended a final dividend of 13.70 rupees per share which will be determined based on the shareholder's ownership on May 22, with dividend payment scheduled for June 5.

The PSU lender’s interest earnings rose by 19% on year to 1,11,043 crore rupees against 92,951 crore rupees. The interest expenditure for the quarter rose 32% on year to 69,387 crore rupees compared to 52,559 crore rupees Q4 FY23.

The lender’s retail personal loans increased 15% Y-o-Y to 13,52,265 crore rupees, with home loans amounting to a 13% increase on year to 7,25,818 crore rupees.

Total deposits during the quarter increased by 11% Y-o-Y and 3% QoQ to 49,16,077 crore rupees. The largest PSU bank’s domestic current account and savings account (CASA) deposits amounted to 19,41,996 crore rupees, while domestic term deposits stood at 27,82,340 crore rupees.