New Delhi, 4th August 2023: SBI, the distinguished leader among public sector banks in India, has unveiled its impressive financial results for the first quarter ending on June 30. The Q1FY24 outcomes showcase a remarkable leap in net profit, soaring by an astonishing 178% compared to the same period last year. The net profit surged to an impressive Rs 16,884 crore, a significant escalation from the Rs 6,068 crore registered in the corresponding quarter of the previous fiscal year.
In the quarter that concluded in June 2023, SBI experienced positive growth in net interest income, which saw a rise of 24.5%, amounting to Rs 38,904 crore. This marked growth contrasts with the net interest income of Rs 40,392.5 crore recorded in the previous year.
A substantial stride in SBI’s financial performance can be observed in its asset quality improvement. The bank showcased a reduction in gross Non-Performing Assets (NPA) to 2.76% on a Quarter-on-Quarter (QoQ) basis, reflecting an improvement from the 2.78% recorded earlier, and a decline of 3.9% Year-on-Year (YoY).
However, it is worth noting that the bank’s net non-performing assets (NPAs) or bad loans experienced a sequential increase, reaching 0.71% for the June quarter, as compared to 0.67% in the preceding three months.
Despite the positive strides in financial performance, SBI shares encountered a minor setback, witnessing a 0.5% decline to Rs 587.5 apiece on the Bombay Stock Exchange (BSE) shortly after the announcement of earnings.
