SBI's Q4 Net Profit Surges 24% to 20,698 Cr, Lowest GNPA in10 Years; Dividend Rs13.70

Описание: Welcome to Trends556, where we bring you the latest updates and insights from the financial world. In our latest video, we delve into the impressive fourth-quarter results of the State Bank of India (SBI), the country's largest lender. SBI has reported a significant 24% rise in net profit, reaching an impressive figure of Rs 20,698 crore for the quarter ended March 31, 2024. This substantial increase in net profit is a testament to SBI's robust performance and strategic initiatives, bolstered by strong loan demand and effective management.

Notably, SBI's performance has surpassed analysts' estimates, further highlighting the bank's resilience and adaptability in navigating the evolving economic landscape. With interest earned growing by 19% to Rs 1.11 lakh crore in the reported quarter, SBI has demonstrated its ability to capitalize on opportunities and drive revenue growth.

Furthermore, SBI has declared a dividend of Rs 13.70 per share for FY24, underscoring its commitment to creating value for shareholders. The dividend payout reflects SBI's confidence in its financial strength and long-term growth prospects, providing investors with an attractive return on their investment.

In terms of asset quality, SBI has shown significant improvement, with the gross non-performing asset (GNPA) ratio reaching its lowest level in 10 years at 2.24%. Similarly, the net NPA ratio has declined to 0.57%, showcasing the bank's effective risk management practices and proactive measures to address asset quality concerns.

SBI's loan growth remained robust in the March quarter, with the bank achieving one of the best growth rates in over eight quarters. With domestic advances growing by 16.26% year-on-year, SBI has continued to support economic growth by providing credit to various sectors, including corporate and agriculture.

Looking ahead, SBI remains optimistic about sustaining its credit growth trajectory in FY25, aiming for a credit growth rate of 15-16%. The bank also anticipates deposit growth of around 13-14%, further solidifying its position as a key player in the banking industry.

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