MUMBAI: The nation’s largest lender State Bank on Thursday reported 24 per cent jump in net income at Rs 20,698 crore in the final quarter of the past fiscal ending March driven by better asset quality and higher loan demand.
For the full fiscal, the bank logged in a hefty Rs 61,077 crore of profit after taxes, which was a growth of 21.6 per cent from the previous fiscal.
The bottom line would have been thicker by an additional Rs 7100 crore had it not been for a one-time outgo on account of additional earmarking for the wage hike that came to be retrospectively effective from November 1, 2023.
The key net interest margin declined marginally to 3.28 per cent down by 9 bps over the year ago period. Overall credit growth rose 15.24 percent led by domestic advances that clipped at 16.26 percent. The bank reported better asset quality witn gross bad loans declining by 54 bps to 2.24 percent and the net dud loans improving by 10 bps to 0.57 per cent.
