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What the record says.
SBI reported its highest-ever quarterly net profit of INR 16,884 crore, up 178% YoY, driven by strong NII growth of 24.71% YoY and a sharp improvement in asset quality. Domestic NIM expanded 24 bps YoY to 3.47%, while credit cost improved to 32 bps. Domestic advances grew 15.08% YoY, led by retail (16.46%) and SME (18.27%). The bank maintains a robust pipeline of INR 3.5 trillion in corporate loans, with INR 1.2 trillion already sanctioned. Management guided for 14-15% credit growth in FY24 and expects NIM to sustain around 3.47%. Key risks include potential margin compression from deposit repricing and global economic headwinds affecting the international book.
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Guidance to track
- Management expects domestic advances to grow 14-15% in FY24, supported by robust pipeline and broad-based demand.
- Chairman stated effort to retain domestic NIM at 3.47% for the full year, despite sequential volatility.
- Management aims to reduce cost-to-income ratio by shoring up income and improving staff productivity through digital sourcing and SBOSS.
- Bank plans to add about 300 branches in FY24, focusing on potential areas, alongside digital expansion.
Risks flagged
- Sequential NIM contraction of 27 bps raises concerns; management attributes to one-offs but analysts flag structural pressure.
- Management is cautious on international growth due to global challenges, which could limit earnings diversification.
- Provisions for wage revision at INR 500 crore/month are building; final liability not crystallized, posing uncertainty.
- Analyst raised concern about competitive pressure post-merger; management downplayed citing scale and low attrition.
Key quotes
- I'm pleased to announce that for the fourth quarter and running, we have posted our highest ever quarterly profit of INR 16,884 crore.
- I expect that we should be having 3.47, would be our effort to retain this kind of a NIM.
- Our effort is going to be the CASA in the real sense of the word, lowest possible cost of resource.
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