May 9 (Punjab Khabarnama) : The country’s largest lender SBI on Thursday reported 18.18 per cent growth in March quarter consolidated net profit to ₹21,384.15 crore as against ₹18,093.84 crore in the year-ago period.
On a standalone basis, profit grew to ₹20,698.35 crore from ₹16,694.51 crore a year ago, the lender said in a regulatory filing.
Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to ₹67,084.67 crore as against ₹55,648.17 crore in FY23.
In Q4 FY24, total income rose to ₹1.28 lakh crore from ₹1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at ₹30,276 crore from the year-ago period’s ₹29,732 crore.
The overall provisions nearly halved to ₹1,609 crore from ₹3,315 crore in the year-ago period.
There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.
The bank scrip was trading 1.81 per cent up at ₹825.10 on the BSE as against a 1.15 per cent correction on the benchmark.