The State Bank of India (SBI), the country’s largest lender, has reported an 18 percent rise in consolidated net profit at Rs 21,384 crore for the quarter that ended in March, aided by strong credit growth.

SBI reported a net profit of Rs 18,094 crore in the year-ago period.

Consolidated net profit during the entire financial year 2023-24 rose by 20.55 per cent to Rs 67,085 crore as against Rs 55,648 crore in the preceding year.

SBI’s interest earned, in consolidated terms, grew 19.8 per cent to Rs 117,469 crore during the fourth quarter and grew 25.2 per cent to Rs 439,189 crore, earnings results released on Thursday showed.

The lender’s return on assets (ROA) and return on equity (ROE) for 2023-24 stood at 1.04 per cent and 20.32 per cent, respectively.

The gross non-performing asset (NPA) ratio was at 2.24 per cent, improving by 54 basis points (100 basis points is equal to 1 percentage point) on a yearly basis, while the net NPA ratio was at 0.57 per cent, improving by 10 basis points.

The shares of SBI closed at Rs 820, up 1.1 per cent, on a day when the broader indices witnessed a strong sell-off.

SBI has also declared a dividend of Rs 13.70 per equity share for the financial year 2023-24. The record date for determining the eligibility of members entitled to receive dividends on equity shares is May 22 and the final dividend payment date is fixed as June 5.A

dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. 

(ANI)