SBI Q3 Profits Dive 35% to ₹9,163Cr; Assets Show Robust Growth

SBI's net profit fell 35% to Rs 9,163 crore in Q3 FY23-24 due to a one-time charge. Asset quality improved, with deposits growing 13% to Rs 47.62 lakh crore and advances increasing 14.38% to Rs 35.84 lakh crore, showcasing robust financial health and growth.
SBI Q3 Profits Dive 35% to ₹9,163 Cr; Assets Show Robust Growth

The State Bank of India (SBI) disclosed its financial outcomes for the October-December quarter of the fiscal year 2023-24 on February 3, revealing a significant drop in profit but maintaining robust asset quality and demonstrating growth in deposits and advances. The bank’s net profit decreased by 35 percent to Rs 9,163 crore, attributed partly to a one-time exceptional charge of Rs 7,100 crore. Despite this decline, the bank’s net interest income (NII) reached Rs 39,815 crore, slightly below the anticipated Rs 40,304 crore, with a net interest margin (NIM) of 3.22 percent.

The bank showcased strong asset quality, with a gross non-performing asset (NPA) ratio decreasing to 2.42 percent from the previous year’s 3.14 percent and a net NPA ratio improving to 0.64 percent from 0.77 percent. However, there was a slight uptick in the slippage ratio, which rose by 17 basis points to 0.58 percent.

Read more: IndiGo Q3 Result

Regarding deposit growth, SBI reported a 13 percent increase in total deposits to Rs 47.62 lakh crore, with CASA deposits rising to Rs 18.81 lakh crore from Rs 18 lakh crore the previous year. The bank also experienced a robust increase in advances, growing by 14.38 percent to Rs 35.84 lakh crore. This growth was led by retail and personal advances, which surged 15 percent to Rs 12.96 lakh crore, and home loan advances increased by 13.16 percent to Rs 6.93 lakh crore.

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