Profit before tax in Q1 FY24 stood at Rs 22,795.62 crore, a jump of 172.67% from Rs 8,360.18 crore in Q1 FY23.

Net interest income (NII) declined 3.68% YoY to Rs 38,905 crore during the quarter. Net interest margin (domestic) improved at 3.47% in Q1 FY24 as against 3.23% in Q1 FY23.

Operating profit surged 98.37% YoY to Rs 25,297 crore in the quarter ended 30 June 2023 as compared with Rs 12,753 crore posted in corresponding quarter last year.

Provisions and contingencies (other than tax) tumbled 43.05% to Rs 2,501.31 crore in Q1 FY24 from Rs 4,392.38 crore posted in Q1 FY23. Provision coverage ratio (PCR) improved by 135 bps YoY at 74.82%. PCR (including AUCA) stood at 91.41%.

The bank's return on assets (ROA) and return on equity (ROE) for the quarter stood at 1.22% and 24.42% respectively.

The bank's gross non-performing assets (NPAs) slipped to Rs 91,328 crore as on 30 June 2023 as against Rs 90,928 crore as on 31 March 2023 and Rs 1,13,272 crore as on 30 June 2022.

The ratio of gross NPAs to gross advances stood at 2.76% as on 30 June 2023 as against 2.78% as on 31 March 2023 and 3.91% as on 30 June 2022.

The ratio of net NPAs to net advances stood at 1% as on 30 June 2023 as against 0.67% as on 31 March 2022 and 0.71% as on 30 June 2022.

Total deposits grew 12% to Rs 45,31,237 crore as on 30 June 2023 as against Rs 40,45,696 crore as on 30 June 2022, out of which CASA Deposit grew by 5.57% YoY. CASA ratio slipped to 42.88% as on 30 June 2023.

The bank's credit growth stood at 13.90% YoY. Domestic advances grew at 15.08% YoY and Foreign Offices' advances rose by 7.44% YoY.

Capital adequacy ratio (CAR) as at the end of Q1 FY24 improved by 113 bps YoY and stood at 14.56%; slippage ratio was at 0.94%, improved by 44 bps YoY while credit cost reduced by 29 bps YoY to 0.32%.

State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2023, the Government of India held 57.47% stake in the bank.

The scrip slipped 2.66% to currently trade at Rs 574.90 on the BSE.