State Bank of India Q4 2023 earnings top analyst forecasts with net profit ahead by 83.2% y-o-y to INR167bn ($2.04bn).

The quarterly net profit for the lender for the three months to end March is a record for SBI.

For the full fiscal 2023, net profit rises by 59% y-o-y to INR502.3bn.

SBI’s ROA and ROE for the financial year stand at 0.96% and 19.43% respectively. The ROA at 1.23% for the quarter improves by 49 basis points y-o-y.

Net Interest Income for the full fiscal increases by 19.99% y-o-y. The bank’s domestic net interest margin rises by 22 basis points to 3.58% for fiscal 2023. The same metric for the fourth quarter rises by 44 basis points y-o-y to 3.84%.

State Bank of India Q4 2023 credit, deposits growth

Domestic Advances rise by 15.38% y-o-y. Domestic advances growth is driven by retail personal advances (+17.64 y-o-y) followed by SME advances up by 17.59% y-o-y. •

Bank deposits rise by 9.19% y-o-y, with low-cost CASA deposits ahead by 4.95% y-o-y. An improvement in asset quality results in provisions and contingencies more than halving to INR33.2bn. Digital growth results in 64% of SB accounts and 35% of retail asset accounts being acquired digitally.