Retail, MSME, Agri Sectors Boost SBI’s Jan-Mar 2024 Profit To Record Highs

State Bank of India (SBI), the country's largest lender by assets, reported a 24% rise in its fourth-quarter (Q4 FY24) profit, at ₹20,698 crore, from ₹16,695 crore a year ago. The lender's interest earned grew 19% to ₹1.11 lakh crore during the quarter under review. On balance sheet, credit growth came at 15% (YoY) in Q4 FY24 with domestic advances growing by 16%. Whole bank deposits grew at 11% YoY, out of which CASA deposit grew by 4%. In terms of asset quality, gross NPA (non-performing asset) ratio came at 2.24%, an improvement of 54 basis points (bps) on a yearly basis. Net NPA ratio, at 0.57%, improved by 10 bps YoY. Here’s what SBI Chairman Dinesh Kumar Khara had to say about the results.