Biznextindia : State Bank of India, the biggest public sector lender has reported 35% drop in its net profit at Rs. 9164 crore in the October-December quarter of FY24, as against Rs.14205 crore in the Q3 of FY23. However, the the bank has reported 20% rise in net profit at Rs. 40378 crore in the 9 months ended December 2023.
The bank’s Operating Profit for Q3FY24 is at ₹20,336 crores and its ROA and ROE for 9MFY24 stand at 0.94% and 19.47% respectively. Net Interest Income (NII) for Q3FY24 increased by 4.59% YoY. Whole Bank NIM for 9MFY24 decreased by 1 bp YoY to 3.28% while Domestic NIM for 9MFY24 decreased by 8 bps YoY to 3.41%.
The bank has witnessed a Credit growth of 14.38% YoY with Domestic Advances growing by 14.47% YoY. Corporate Advances and SME Advances cross Rs.10 lakh crores and 4 lakh crores respectively. Foreign Offices’ Advances grew by 13.90% YoY. Domestic Advances growth driven by SME Advances (19.24% YoY) followed by Agri Advances which grew by 18.12% YoY. Retail Personal Advances and Corporate loans registered YoY growth of 15.28% and 10.71% respectively. Whole Bank Deposits grew at 13.02% YoY, out of which CASA Deposit grew by 4.48% YoY. CASA ratio stands at 41.18% as on 31 st December 23.