SBI Named Best Bank in India for 2024 by Global Finance Magazine
In its latest quarterly report, State Bank of India (SBI) showcased remarkable financial performance, recording its highest standalone quarterly net profit at ₹20,698 crore. This exceptional result was primarily driven by a surge in non-interest income, effective cost management, and a favorable adjustment in asset provisions.
SBI’s Chairman, Dinesh Kumar Khara, expressed optimism regarding sustained loan growth and maintained net interest margin. The bank anticipates a 14-16% loan growth and 12-13% deposit growth for FY25. Notably, gross non-performing assets (NPAs) decreased to 2.24% of gross advances, indicating improved asset quality.
While provisions for employees decreased, loan loss provisions increased significantly. SBI received write-backs from standard asset provisions and other provisions. Despite a decline in net interest margin, the bank’s capital adequacy ratio remains robust, supporting further balance sheet growth.
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