Q4 2024 State Bank of India Earnings Call Transcript
Key Points
- State Bank of India (BOM:500112) reported its highest-ever net profit of INR 61,077 crores for FY24, a 21.59% increase year-over-year.
- The bank's net profit for Q4 FY24 stood at INR 20,698 crores, marking a 125% sequential increase.
- Retail, agri, and SME advances crossed INR 20 trillion, with significant growth rates of 14.68%, 17.92%, and 20% Y-o-Y, respectively.
- The gross NPA ratio improved by 54 basis points Y-o-Y to 2.24%, the lowest in over a decade.
- Digital banking initiatives, particularly through YONO, have been successful, with 61% of savings accounts opened digitally in FY24.
- The cost-to-income ratio, including wage revision expenses, stood at 55.66%, indicating high operational costs.
- Current account growth was only 2% for the year, lagging behind the industry average.
- The bank's CET1 ratio, although the highest since Basel III implementation, is still a point of concern at 10.36%.
- There are uncertainties regarding the impact of new RBI guidelines on provisioning for infrastructure project loans.
- The bank's deposit growth of 11% Y-o-Y was slightly lower than the industry average, raising concerns about its ability to attract deposits.
Yes, please. Namaste everyone, and good evening, ladies and gentlemen. My name is Sanjay Kapoor and the General Manager, Performance Planning and Review Department of the bank. On behalf of State Bank of India, I am delighted to welcome the analysts, the investors, colleagues and everyone present here today on the occasion of the declaration of the results of the bank for the financial year ending 2024. I also extend a very warm welcome to all the people who are accessing the event through our live webcast.
We have with us on the stage, our Chairman, Shri Dinesh Khara at the center; our Managing Director, International Banking, Global Markets and Technology, Shri C.S. Setty; our Managing Director, Corporate Banking and Subsidiaries, Shri Ashwini Kumar Tewari; our Managing Director, Risk, Compliance and Stressed Assets Resolution Group, Shri Alok Kumar Choudhary; our Managing Director Retail Business and Operations, Shri Vinay M. Tonse; our Deputy Managing Director of Finance, Shrimati Saloni Narayan.
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