State Bank of India (SBI) on February 3 reported its Q3 standalone net profit at ₹9,164 crore, a decline of 35 percent in the December quarter, it said.
The decline was as expected by analysts. 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.”
Post-declaration of the SBI Q3 results 2024, a conference call is scheduled at 5:00 PM on Saturday.
Disclaimer: This is a breaking story, more updates are awaited…
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Published: 03 Feb 2024, 02:01 PM IST