State Bank of India (SBI) reported a 24% year-on-year (YoY) growth in net profits for the fourth quarter of 2023-24 (Q4 FY24), reaching Rs 20,698 crore. This exceeded the Bloomberg consensus estimate of Rs 13,450 crore. Sequentially, net profits surged by 125.9% from Q3FY24. For the full fiscal year, SBI posted record net profits of Rs 61,077 crore in FY24, marking a 21.6% YoY growth. The board recommended a dividend of Rs 13.70 per share for FY24, up from Rs 11.30 per share in FY23. Net interest income (NII) grew 3.13% YoY to Rs 41,655 crore, with NIM from domestic operations declining to 3.47% in Q4FY24.