DRIVEN BY STRONG treasury contribution of â¹38 billion and well-controlled non-staff operating expenses, State Bank of India (SBI) has reported a higher than estimated Q1FY24 headline profit after tax (PAT) of â¹168.8 billion, maintaining a stable return on assets (ROA) at 1.22% (compared to 1.23% q-o-q). However, the internal results were somewhat weak. The bank's growth has slowed to 1.1% q-o-q. Furthermore, the global net interest margin (NIM) experienced a 27 bps q-o-q compression, standing at 3.33%, which was weaker even when adjusted for the lumpy interest on IT refund in the base quarter. Both gross and net slippages increased significantly on aq-o-qbasis, mainly due to seasonality and the bank's unique policy of recognising slippages.
Looking ahead, the bank has hinted at lower domestic NIMsy-oy for FY24, although they remain confident about achieving around 15%y-o-y credit growth and anticipate improving slippages in the upcoming quarters.
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