State Bank of India (SBI) unveiled its Q1 results today reporting net profit in Q1FY24 zooms 178% to ₹16,884 crore from ₹6,068 crore, YoY, according to LiveMint. The largest state-run lender in the country net interest income in the quarter ended June 2023 rose 24.5% to ₹38,904 crore from ₹31,195.9 crore, YoY.
The SBI share price commenced at ₹594.90 each, nearly 1% higher on the BSE in anticipation of the Q1 results on Friday. However, it later fell to ₹585.95, showing a decrease from the previous day’s closing price of ₹590.60.
What was SBI Q4 results 2023
In the preceding quarter, ending March 2023, SBI reported a net profit of ₹16,694.5 crore, indicating an 83% rise from the ₹9,113.5 crore reported during the same period in the previous fiscal year. The net interest income (NII) for Q4FY23 increased by 29.5% YoY, reaching ₹40,392 crore from ₹31,197 crore. The domestic net interest margin (NIM) for Q4FY23 showed a YoY growth of 44 basis points to reach 3.84%. Furthermore, SBI’s operating profit in the quarter surged by 24.87% YoY to ₹24,621 crore.
Watchlist for Other Companies
Aside from SBI, the day will also see 71 other listed companies announce their Q1 results. These include names like Britannia Industries, Fortis Healthcare, Bharat Dynamics, HDFC, MapmyIndia, and Rain Industries, among others.
