SBI’s Q1FY24 Financials: Net Profit Jumps 178%, Asset Quality Improves

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New Delhi, 4th August 2023: SBI’s Q1FY24 Results: State Bank of India (SBI), the largest public sector bank in India, reported robust financials for the quarter ending June 30. During Q1FY24, the net profit witnessed a remarkable surge of 178% year on year, reaching an impressive Rs 16,884 crore, compared to Rs 6,068 crore recorded in the corresponding period of the previous year.

During the same quarter in June 2023, SBI’s net interest income also witnessed positive growth, rising by 24.5% to Rs 38,904 crore, compared to Rs 40,392.5 crore in the previous year.

SBI demonstrated improvements in its asset quality, with a decrease in gross NPA to 2.76% QoQ, down from 2.78%, and 3.9% YoY.

However, the bank’s net non-performing assets (NPAs) or bad loans increased sequentially, standing at 0.71% for the June quarter compared to 0.67% in the previous three months.

Despite the positive results, SBI shares faced a slight setback, declining 0.5% for the day to Rs 587.5 apiece on BSE, shortly after the earnings announcement.