SBI Q3 results 2024 preview: India’s banking major State Bank of India is going to declare its Q3 results today. In an exchange communication with the Indian exchanges, SBI said that its board of directors would consider and approve unaudited financial results in its meeting scheduled on 3rd February 2024. Post-declaration of the SBI Q3 results 2024, a conference call will be conducted at 5:00 PM on Saturday.
SBI Q3 results 2024 date
Informing Indian stock market’s exchanges about the board meeting date and its agenda, the SBI said, “In compliance with Regulation 29 (1) (a) and other applicable provisions of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we inform that a meeting of the Central Board of the Bank will be held on Saturday, 3rd February 2024 at Mumbai, to consider the financial results of the Bank for the quarter and nine months ended 31st December 2023.”
SBI Q3 results 2024 expectations
On SBI Q3 results expectations, Shreyansh Shah, Research Analyst at StoxBox said, “We expect the banking elephant SBI to come out with a good set of numbers in Q3FY24. Though some marginal decline in NIMs is expected from the PSB due to the ongoing high cost of funds, we anticipate the bank’s absolute profitability to witness mid-teen-digit growth in the current quarter on account of high disbursals of advances backed by elevated infra spends.
Furthermore, the bank has a large share in the salary account, and the CASA and the CD ratio would not show signs of concern. The highlight of this quarter’s numbers would be seen in the significant growth in its other income backed by the bank’s focus on optimizing its vast branch network of 22,405 for cross-selling opportunities.”
Expecting SBI to beat challenges posed by the rising cost of funding, Sandeep Pandey, Founder & Director at Basav Capital said, “Due to the Government of India’s focus on infrastructure and rising government expenditure in the segment, the corporate lending business of the Indian banking major is expected to enable SBI to maintain the profitability in Q3FY24.”
The former Deputy Vice President of the HDFC Bank went on to add that a rise in business volume is expected to lend support to the largest public sector bank of India in meeting the challenges on the CASA front in the post-high interest rate regime.
“With lower slippages seen in FY24 to date, we anticipate the momentum to continue with credit cost continuing to be below the targeted 1% mark and expect RoAs to improve going forward. SBI Q3 results 2024 The only factor that may act as a spoilsport would be the bank’s expected higher provisions due to wage revision,” said Shreyansh Shah of StoxBox.
SBI Q3 results: Net profit plummets 35% to Rs 9,163 crore, asset quality healthy
The State Bank of India (SBI), on February 3, reported a net profit of Rs 9,163 crore for the October-December quarter of the financial year 2023-24, marking a 35 percent fall as compared to Rs 14,205 crore clocked in the year-ago period. The net profit missed an average of five brokerage estimates of Rs 13,525 crore.
The lender, in a press release said that they had an one-time exceptional item of Rs 7,100 crore.h
The net interest income (NII) of the country’s largest bank stood at Rs 39,815 crore, missing estimates of Rs 40,304 crore. SBI Q3 results 2024Net interest margin of the lender stood at 3.22 percent.
The bank’s gross non-performing asset (NPA) stood at 2.42 percent, down from 3.14 percent recorded in the corresponding quarter last year. SBI Q3 results 2024 On the other hand, net NPA for the quarter stood at 0.64 percent compared to 0.77 percent last year.
Shares of SBI closed at Rs 650.40 a piece on the BSE on February 2.
