State Bank of India (SBIN) — concall transcript

📢 Key Event
SBI reports 8.03% YoY net profit growth to 14,330 crores in Q2FY24 amid rising credit costs and margin pressure.

🔄 What Changed
Net profit up 8.03% YoY; wage bill increase of 1,200 crores quarterly; SME book growth target of 4 trillion; margin compression of 3-5 bps projected.

🔮 What's Next
Targeting 12-14% loan growth for FY24; SME book to reach 4 trillion; CET-1 ratio above 11% and CAR at 15.32% by year-end; margin pressure of 3-5 bps expected due to deposit cost increases.

💡 Investor Takeaway
SBI's profitability is pressured by rising wage costs and deposit funding pressures, but long-term growth targets remain intact with improving asset quality.

SBI reported a 8.03% YoY rise in Q2FY24 net profit to 14,330 crores, driven by 13.21% credit growth and strong asset quality (Gross NPA 2.55%, Net NPA 0.64%). Management highlighted margin pressure from deposit cost increases, targeting 12-14% loan growth and expanding SME book to 4 trillion. Digital traction via YONO reached 61% of savings accounts, while wage revision costs of 1,200 crores quarterly will impact margins. Capital adequacy stands at 14.28%, with CET-1 targeted above 11% and CAR at 15.32% by year-end.

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About State Bank of India (SBIN)

Financial Services · Banks · Listed on BSE

Market Cap: ₹9,42,215.29 Cr P/E: 10.9 ROE: 14.8% ROCE: 31.8% Div Yield: 1.70%

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🔥 Also filed on 30 September 2023

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State Bank of India (SBIN) — concall transcript | 30 September 2023

About State Bank of India (SBIN)

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🔥 Also filed on 30 September 2023