Team Blitz India
NEW DELHI: The State Bank of India (SBI) unveiled its Q1 results on August 4. reporting net profit of 178% to ₹16,884 crore from ₹6,068 crore, YoY. The largest state-run lender in the country net interest income in the quarter ended June 2023 rose 24.5% to ₹38,904 crore from ₹31,195.9 crore, YoY.
The SBI share price commenced at ₹594.90 each, nearly 1% higher on the BSE in anticipation of the Q1 results. However, it later fell to ₹585.95 at 1:30pm, showing a decrease from the previous day’s closing price of ₹590.60.
SBI’s net interest margin, a crucial measure of profitability, climbed to 3.47% from 3.23% compared to the previous year.
The bank witnessed a notable 13.9% rise in its gross loans compared to the previous year, coupled with a 12% increase in deposits, driven particularly by term deposits which offer more favourable returns.
Provisions and contingencies experienced a significant decline of 43% year-on-year, amounting to ₹2,501 crore. This figure marked a decrease from the ₹3,316 crore reported in the January-March period.
Tags SBI, Q1, share price
