State Bank of India (SBI) beat Street estimates on Thursday when it reported a 24 per cent jump in standalone net profit for the quarter ended March 31 as other income increased and provisions dropped.

The country’s largest bank posted a net profit of ₹20,698.35 crore for the period compared with ₹16,694.51 crore in the year-ago quarter. Analysts were expecting the lender to report profit between ₹12,000 crore and ₹14,000 crore.

Interest income rose 19.46 per cent to ₹1,11,043 crore from ₹92,951 crore a year ago, while the interest expenses were up 32.02 per cent to ₹39,387 crore.

This resulted in its core net interest income rising 3.13 per cent to ₹41,655 crore from ₹40,393 crore.

Other income grew to ₹17,369.25 crore from ₹13,961.40 crore, marking a rise of over 24 per cent. The bank said profit or revaluations on investments nearly doubled to ₹3,463 crore, while miscellaneous income shot up 62 per cent to ₹4,957 crore, aiding the overall other income line.

Provisions on the other hand declined to ₹1,609.78 crore from ₹3,315.71 crore.

The stock markets gave a thumbs-up to the numbers with SBI hitting a record high of ₹839.60 during intra-day trades.

SBI chairman Dinesh Khara said the bank expects a credit growth of 15-16 per cent in this fiscal whereas the deposit growth could be 12-13 per cent.

The bank’s asset quality improved with the percentage of gross non-performing assets (NPAs) declining to 2.24 per cent from 2.42 per cent on a sequential basis.

IOB net

Indian Overseas Bank on Thursday reported a net profit of ₹808 crore for the quarter ended March 31, 2024, up 24.30 per cent from ₹650 crore a year ago. The gross NPA ratio was 3.10 per cent compared with 7.44 per cent a year ago.

“The net profit of ₹808 crore is the highest in IOB history one quarter,” said Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank.

PNB show

Punjab National Bank (PNB) on Thursday posted a nearly three-fold increase in net profit at a 16-quarter high of ₹3,010 crore in the March 2024 quarter backed by improved core income and a decline in bad loans. The bank had earned a net profit of ₹1,159 crore in the same quarter a year ago.

With inputs from Calcutta Bureau