• Source:PTI
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Q4 Result:  The country's biggest public sector lender, the State Bank of India (SBI), and one of the biggest public sector lenders Punjab National Bank have announced their fourth quarter result. SBI reported an 18.18 percent increase in consolidated net profit, PNB's net profit rose threefold in the quarter that ended in March. 

State Bank Of India Q4 Result

SBI reported an 18.18 percent increase in consolidated net profit to Rs 21,384.15 crore in the March quarter of fiscal 2023-24 (FY24), up from Rs 18,093.84 crore in the same period last year. In a regulatory filing, the lender stated that its standalone profit increased to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago. In FY23-24, consolidated net profit increased by 20.55 percent to Rs 67,084.67 crore, up from Rs 55,648.17 crore in FY23.

In Q4 FY24, total income increased to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses rose at a comparatively slower pace to Rs 30,276 crore from Rs 29,732 crore in the year-ago period.

In the year-ago period, total provisions almost halved to Rs 1,609 crore from Rs 3,315 crore. The gross non-performing assets (GNPA) ratio improved to 2.24 percent as of March 31, 2024, up from 2.78 percent in the year-ago period and 2.42 percent at the end of the December quarter.

On the BSE, the bank's shares were trading 1.81 percent higher at Rs 825.10, compared to a 1.15 percent rise in the benchmark index.

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Punjab National Bank Q4 Result

State-run Punjab National Bank (PNB) said on Thursday that its net profit for the quarter ended March 2024 rose nearly three-fold to Rs 3,010 crore on the back of improved core income and a decline in bad loans. The bank had reported a net profit of Rs 1,159 crore in the same quarter a year ago.

In a regulatory filing, PNB said its total income increased to Rs 32,361 crore in the quarter under review from Rs 27,269 crore in the corresponding quarter of the previous year.

Its interest income rose to Rs 28,113 crore during the period under review, from Rs 23,849 crore in the year-ago quarter. In terms of asset quality, the bank's gross non-performing assets (NPAs) declined from 8.74 percent at the end of March 2023 to 5.73 percent of gross advances as of March 31, 2024.

Net NPAs also declined to 0.73 percent of advances from 2.72 percent at the end of 2023. As a result, the bank's provision for bad loans declined to Rs 1,958 crore in the quarter under review, from Rs 3,625 crore in the year-ago period. The bank's net profit rose more than three times to Rs 8,245 crore in the financial year ended March 2024, from Rs 2,507 crore in the previous financial year.
The bank's capital adequacy ratio (CAR) increased to 15.97 percent as of March 31, 2024, from 15.50 percent in the previous year.

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(With PTI's Input)