SBI Q4 results: State Bank of India (SBI), India’s largest state-owned bank, reported a standalone net profit of Rs 20,698.35 crore, up 24 per cent year-on-year (Y-o-Y) on the back of higher interest income and low provisions.
The bank had reported a net profit of Rs 16,694.5 crore in the March quarter of the previous fiscal (Q4FY23).
The number beat analysts’ estimates by a wide margin, who had pegged PAT in the range of Rs 10,432 crore to Rs 14,743 crore.
Sequentially, SBI’s net profit more-than-doubled, zooming 125 per cent from Rs 9,163.96 crore.
Operationally, net interest income (NII) of SBI rose 3 per cent Y-o-Y to Rs 41,656 crore, up from Rs 40,392.5 crore posted in Q4FY23.
On the bourses, shares of SBI gained nearly 3 per cent in the intraday to hit a high of Rs 833.4 apiece.
First Published: May 09 2024 | 2:05 PM IST
