SBI smashes records: Q4 profit up 24% to Rs 20,698 crore

BNE News Desk

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New Delhi: State Bank of India (SBI), the nation's leading public-sector bank, showed a 24 percent increase in its Q4 financial performance that was unveiled on Thursday. 

The SBI has showcased impressive growth, with a net profit of Rs 20,698 crore in the fourth quarter of FY24, marking a substantial 24 percent increase from the same period last year when it stood at Rs 16,694.5 crore. Notably, the bank's bolstered asset quality, evidenced by a 2.9 percent decrease in Gross NPA and a 6.1 percent decline in Net NPA during the March quarter. 

Additionally, SBI declared a dividend of Rs 13.7 per equity share for FY24, signalling investor confidence. The bank's net interest income (NII) for Q4FY24 edged up by 3.1 percent compared to the previous year. The market has responded positively to SBI's stellar performance, with its share price surging over 3 percent to achieve a fresh 52-week high, outperforming market estimates.

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BNE News Desk