The consolidated net profit of the country’s largest bank, State Bank of India (SBI), increased by 18.18 percent to Rs 21,384.15 crore in the fourth quarter of the last financial year 2023-24. In the fourth (January-March) quarter of the financial year 2022-23, it was Rs 18,093.84 crore. According to language news, the bank informed the stock market on Thursday that its profit during the quarter on a standalone basis increased from Rs 16,694.51 crore on an annual basis to Rs 20,698.35 crore.
bank’s net income
According to the news, in the fourth quarter of the financial year 2023-24, the total income of the bank increased from Rs 1.06 lakh crore to Rs 1.28 lakh crore on an annual basis. During this period, the operating expenses of the bank increased from Rs 29,732 crore to Rs 30,276 crore on an annual basis. The bank’s provision for bad loans declined from Rs 3,315 crore to Rs 1,609 crore. The bank’s gross non-performing assets (NPAs) declined to 2.24 per cent during the quarter, compared to 2.78 per cent in the same period a year ago and 2.42 per cent at the end of the December quarter.
Profit for financial year 2023-24
SBI’s profit for the entire financial year 2023-24 increased by 20.55 percent to Rs 67,084.67 crore. It was Rs 55,648.17 crore in the financial year 2022-23. Profit exceeded analysts’ estimates of Rs 13,400 crore. The stock of Central State Bank closed at Rs 820 at the end of trading on the National Stock Exchange on Thursday. SBI’s deposits are expected to increase to Rs 49 lakh crore at the end of the March quarter from Rs 47.6 lakh crore in the December quarter. The bank’s deposit growth is estimated to be 10% on an annual basis. The performance of public sector banks in the last few years has been excellent. All the big banks are seen earning huge profits.
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