SBI PAT grows YoY to Rs 17,035 crore in Q1 FY25

The largest PSU bank's standalone net profit rose marginally to Rs 17,035.16 crore in Q1 FY25 as against Rs 16,884.29 crore posted in Q1 FY24.

Total income increased 13.56% year on year (YoY) to Rs 1,22,687.85 crore in the quarter ended 30 June 2024.

Profit before tax in first quarter of FY25 stood at Rs 22,999.16 crore as compared with Rs 22,795.62 crore recorded in corresponding quarter last year.

Net interest income rose 5.71%YoY to Rs 41,125 crore in first quarter of FY25. Net interest margin (domestic) reduced by 12 bps to 3.47% in Q1 FY25 as against 3.47% in Q1 FY24.

Operating profit de-grew 8% to Rs 26,449 crore in June 2024 quarter as compared with Rs 25,297 crore posted in corresponding quarter last year.

Total deposits grew 8.18% to Rs 49,01,726 crore as on 30 June 2024 as against Rs 45,31,237 crore as on 30 June 2023, out of which CASA Deposit grew by 2.59% YoY. CASA ratio slipped 218 bps to 40.70% as on June 2024.

The bank's return on assets (ROA) and return on equity (ROE) for the quarter stood at 1.10% & 20.98% as against 1.22% % 24.42% in Q1 FY24, respectively.

Provision coverage ratio (PCR) reduced by 41 bps YoY at 74.82%. PCR (including AUCA) stood at 91.41%, up 35 bps YoY.

The bank's gross non-performing assets (NPAs) slipped to Rs 84,226.04 crore as on 30 June 2024 as against Rs 91,327.84 crore as on 30 June 2023.

The ratio of gross NPAs to gross advances stood at 2.21% as on June 2024 as against 2.76% as on June 2023.

The ratio of net NPAs to net advances stood at 0.57% as on 30 June 2024 as against 0.71% as on 30 June 2023.

The bank's credit growth stood at 15.39% YoY with domestic advances growing at 15.55% YoY and foreign offices' advances rose by 14.41% YoY.

Capital Adequacy Ratio (CAR) as at the end of Q1 FY25 reduced by 70 bps YoY and stands at 13.86%, slippage ratio was at 0.84%, reduced by 10 bps YoY while credit cost rose 16 bps to 0.48%.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2024, the Government of India held 57.54% stake in the bank.

The scrip ended 1.72% lower at Rs 847.90 on Friday, 2 August 2024.

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