Key Highlights
- Net profit jumped 84% year‑on‑year to ₹16,891 crore, outpacing consensus forecasts.
- Net interest income rose modestly by 4%, while staff‑related costs fell 17%.
- Gross advances expanded 13.5% YoY, with retail and corporate segments both posting double‑digit growth.
- Asset quality sharpened: gross NPA slipped to 2.07% and PCR climbed to 74.66%.
- Deposits grew 9.8% YoY, though the CASA ratio dipped to 39.20%.
Detailed Insights
SBI recorded an ₹16,891 crore net profit for the quarter ended September 2024, marking an 84% increase over the same period a year earlier. The uplift was driven primarily by a 4% rise in net interest income (NII) to ₹41,446 crore, offset by a sharp 17% contraction in employee expenses, which fell to ₹16,074 crore. Operating profit, however, slipped 20% on a quarter‑to‑quarter basis, reflecting higher provisioning of ₹911 crore.
On the margin front, the bank’s whole‑bank net interest margin (NIM) stood at 3.01% for Q3, marginally below the 3.12% average for the first nine months of FY25. Domestic NIM followed a similar pattern, registering 3.15% versus a 3.25% nine‑month average.
Credit growth remained robust. Total gross advances climbed to ₹40.68 lakh crore, a 13.49% YoY increase, with corporate advances reaching ₹11.76 lakh crore and retail personal advances expanding 11.65% to ₹14.47 lakh crore. Deposit mobilisation was equally vigorous, with total deposits rising 9.81% to ₹52.30 lakh crore. CASA balances grew 4.46% YoY, yet the CASA ratio slipped to 39.20% from 41.18% a year earlier.
Asset quality indicators improved markedly. The gross NPA ratio fell to 2.07% from 2.13% in the prior quarter, while the net NPA held steady at 0.53%. The provision coverage ratio (PCR) surged by 49 basis points YoY to 74.66%, and the slippage ratio improved to 0.39%.