State Bank of India (SBIN) — concall transcript

📢 Key Event
SBI reported 20% YoY net profit growth to ₹40,378 crores in 9MFY24, driven by a one-time ₹7,100 crore pension provision.

🔄 What Changed
Net profit surged 20% YoY to ₹40,378 crores; ROE improved to 19.47% and ROA to 0.94%; Gross NPA at 2.42%, Net NPA at 0.64%; LCR at 131% and unencumbered SLR at ₹4 trillion; credit growth reached 20% YoY in January 2024.

🔮 What's Next
Management expects stable or slightly declining margins with a potential 2-3 bps dip, targeting ROE above 15% and continued balance sheet strength; no immediate capital raise needed.

💡 Investor Takeaway
The one-time pension provision boosted profits but is not recurring, so underlying performance remains solid with strong capital and asset quality.

SBI reported a 20% YoY rise in 9MFY24 net profit to ₹40,378 crores, driven by a one-time ₹7,100 crore pension and wage provision, while ROA improved to 0.94% and ROE reached 19.47%. Gross NPA stood at 2.42%, Net NPA at 0.64%, with LCR at 131% and unencumbered SLR at ₹4 trillion. Credit growth hit 20% YoY in January 2024, and deposit growth was 13% YoY. Management expects stable margins with a potential dip of 2-3 bps, targeting ROE above 15% and continued balance sheet strength.

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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 31 December 2023

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State Bank of India (SBIN) — concall transcript | 31 December 2023

About State Bank of India (SBIN)

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🔥 Also filed on 31 December 2023