CURRENT AFFAIRS
CURRENT AFFAIRS
Description
SBI reported a record-breaking quarterly net profit of Rupees 20,698 crore in its most recent report. This outstanding performance was principally driven by an increase in non-interest revenue, good cost management, and a favorable adjustment to asset provisions.
Key Financial Figures
Net Interest Income (NII) increased by 3.13% year on year to Rupees 41,655 crore.
Total non-interest income increased by 24% to Rupees 17,369 crore.
Operating profit increased by 17% to Ruees 28,747 crore, exceeding operating expenses.
SBI's central board has declared a dividend of Rupees 13.70 per equity share for FY24.
Loan Growth And Asset Quality
Dinesh Kumar Khara, Chairman of SBI, expressed confidence in the company's ability to maintain its net interest margin and continue to grow loans. The bank predicts 14-16% loan growth and 12-13% deposit growth in FY25. Notably, gross non-performing assets (NPAs) fell to 2.24% of gross advances, showing higher asset quality.
Provisions And Capital Adequacy
Employee provisions fell, while loan loss provisions climbed dramatically. SBI got write-backs for normal asset and other provisions. Despite a fall in net interest margin, the bank's capital adequacy ratio remains strong, allowing for continued balance sheet development.
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