SBI’s Q1FY24 net profit could more than double: Broking firms

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State Bank of India’s (SBI) net profit is likely to more than double in the first quarter vis-a-vis year ago period buoyed by robust net interest income and fee income and low credit costs, according to broking firms.

India’s largest bank is likely to post a net profit of about ₹13,200 crore against ₹6,068 crore in the year ago period, based on an average estimate by 10 broking firms.

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BNP Paribas, in a report, estimated SBI’s net profit growth at 153 per cent yoy, flattered by a severely MTM (mark-to-market) loss-affected base.

“Our top candidate for a positive earnings surprise is SBI, on the back of robust fee income,” per the report.

Analysts expect the bank to have grown its credit portfolio across the board, including retail (housing, vehicles, pre-approved personal loans), MSME and agriculture.

Broking firm Prabhudas Lilladher expects SBI’s net profit to jump 144 per cent yoy to ₹14,821 crore.