SBI’s net profit grew by 8% at Rs143 Bn

Share of SBI's Alternate Channels in total transactions increased to 97.7% in H1FY24

FinTech BizNews Service   

Mumbai, November 4, 2023: State Bank of India announced its Q2 FY24 results on Saturday.

Profitability 

• Net Profit at Rs14,330 crores; grew by 8.03% YoY. 
• Operating Profit for Q2FY24 is at Rs 19,417 crores and has declined by 8.07% YoY. 
• Bank’s ROA and ROE for the half year stand at 1.10% and 22.57% respectively. 
• ROA at 1.01% for the quarter declined by 3 bps YoY. 
• Net Interest Income (NII) for Q2FY24 increased by 12.27% YoY. 
• Domestic NIM for H1FY24 increased by 6 bps YoY to 3.45%. However, Domestic NIM for Q2FY24 decreased by 12 bps YoY to 3.43% 

Balance Sheet 

• Credit growth at 12.39% YoY with Domestic Advances growing by 13.21% YoY. 
• Foreign Offices’ Advances grew by 8.11% YoY. 
• Domestic Advances growth driven by SME Advances (22.75% YoY) followed by Retail Personal Advances which grew by 15.68% YoY. 
• Foreign Office advances cross Rs5 lakh crores. 
• Agri and Corporate loans registered YoY growth of 14.76% and 6.62% respectively. 
• Whole Bank Deposits grew at 11.91% YoY, out of which CASA Deposit grew by 4.91% YoY. CASA ratio stands at 41.88% as on 30th September 23. Asset Quality 
• Gross NPA ratio at 2.55% improved by 97 bps YoY. 
• Net NPA ratio at 0.64% improved by 16 bps YoY. · PCR (Incl. AUCA) improved by 39 bps YoY and stands at 91.93%. Provision Coverage Ratio (PCR) at 75.45% declined by 248 bps YoY. 
• Slippage Ratio for H1FY24 improved by 16 bps YoY and stands at 0.70%. Slippage Ratio for Q2FY24 increased by 13 bps YoY and stands at 0.46%. 
• Credit Cost for Q2FY24 improved by 6 bps YoY to 0.22%. Capital Adequacy 
• Capital Adequacy Ratio (CAR) as at the end of Q2FY24 improved by 77 bps YoY and stands at 14.28%. Alternate Channels · 61% of SB accounts and 39% of retail asset accounts acquired digitally through YONO. 
• Share of Alternate Channels in total transactions increased from 96.8% in H1FY23 to 97.7% in H1FY24.