State Bank of India has reported a record full-year net profit of Rs 61,077 crore for the fiscal year ended March 2024, representing a 21.59% increase on the prior year. The result was achieved after the bank absorbed an exceptional one-time charge of Rs 7,100 crore related to pension liabilities.
For the fourth quarter of fiscal year 2024 alone, net profit reached Rs 20,698 crore, a 24% year-on-year increase. Net interest income for the fiscal year came in at Rs 1,59,876 crore, growing 10.38% on the previous year, while whole-bank net interest margin eased 9 basis points to 3.28%.
RETURN METRICS
Return on assets improved by 8 basis points to 1.04%, while return on equity rose by 89 basis points to 20.32%.