SBI Q1 FY2024 Results: Net Profit Jumps to ₹16,884 Crore, Surges 178%

State Bank of India (SBI), the country’s largest lender, reported remarkable results for the Q1 FY2024, with profits surging by 178% year-on-year (YoY) to ₹16,884 crore. Despite a challenging quarter, the results revealed growth across multiple areas, underlining the bank’s ongoing success in implementing strategic changes.

SBI earnings Q1 FY2024

SBI Q1 FY2024 Results: Key Highlights

Profit and Revenue

  • Net Profit: SBI’s net profit zoomed to ₹16,884 crore from ₹6,068 crore YoY, a significant 178% increase.
  • Net Interest Income (NII): The bank reported a 24.5% YoY rise to ₹38,904 crore.

Asset Quality

  • Gross NPA: SBI managed to reduce its gross NPA to 2.76% compared to 3.91% YoY, reflecting continuous improvements in asset quality.
  • Net NPA Ratio: It increased marginally to 0.71% from 0.67% in the preceding three months.
  • Provisions and Contingencies: SBI reported a 43% YoY reduction in provisions to ₹2,501 crore, signaling a strong grip on asset quality.

Margins and Ratios

  • Net Interest Margin (NIM): SBI’s NIM climbed to 3.47%, up from 3.23% in the previous year.
  • Capital Adequacy Ratio (CAR): The CAR improved by 113 bps YoY to 14.56%.
  • Debt to Equity Ratio: The ratio went down to 0.64 vs. 0.66 in Q4 FY2023.

Loan Growth

  • Credit Growth: The bank witnessed a 13.9% YoY growth in its gross loans.
  • Domestic Advances Growth: This was led by SME advances (18.27% YoY) and Retail Personal Advances (16.46% YoY).
  • Special Milestone: Auto loans crossed the ₹1 lakh crore mark, with agri and corporate loans also registering solid YoY growth.

Stock Performance

Following the release of the quarterly results, SBI’s shares slipped 3% to ₹572.80 on the BSE. The anticipation had pushed the share price nearly 1% higher at the opening.

SBI Q1 FY2024 Results: Comparison with Q4 FY2023

In contrast with the preceding quarter (Q4 FY2023), SBI had posted a net profit of ₹16,694.5 crore and NII of ₹40,392 crore. The domestic NIM for Q4FY23 had shown a YoY growth of 44 basis points to reach 3.84%.

Read this: Learn about our SBI share price prediction for 2023 to 2030?


SBI’s Q1 FY2024 results demonstrate a resilient performance amid challenges. With significant growth in profitability, an increase in NII, reduced NPAs, and robust advances growth across sectors, the bank appears well-positioned for the future.

The continuous focus on SMEs and retail loans, coupled with the decrease in provisions, indicates that the bank is actively maintaining a balanced portfolio and strong asset quality. The drop in the share price post-announcement may reflect the market’s cautious approach, but the underlying fundamentals are reflecting a stable and growing entity.

SBI’s unwavering focus on strengthening its core and sustaining growth provides a positive outlook for investors and stakeholders alike, setting a precedent for the financial sector in the country.

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Author: Sanjib SahaSanjib is a finance based writer who has a deep knowledge in stock market, cryptocurrency and mutual funds. He is also a co-founder of

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