SBI Q4 results: The State Bank of India (SBI) announced its standalone net profit for the March 31, 2024 quarter, which stood at Rs 20,698 crore, reflecting a substantial 24% year-on-year growth compared to the Rs 16,694 crore reported in the corresponding period last year. The bank's performance surpassed market expectations, which had projected a profit of Rs 16,695 crore.
In addition to the better-than-expected financial results, SBI's Board has proposed a dividend of Rs 13.70 per share. The record date for determining the eligibility of shareholders who will receive the dividend on equity shares is Wednesday, May 22, 2024, and the dividend payment date is fixed on June 5, 2024.
The bank's interest earned during the quarter under review witnessed a significant 19% YoY increase, reaching Rs 1,11,043 crore compared to Rs 92,951 crore in the previous year. However, the interest expended also saw a notable 32% rise, amounting to Rs 69,387 crore in Q4FY24, up from Rs 52,559 crore in Q4FY23.
The announcement of SBI's strong financial performance had an immediate impact on its stock price, which surged 3% to reach an intraday high of Rs 834 on the National Stock Exchange (NSE) during trading hours.
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