SBI Q3 net profit dips 34 pc at Rs 2,234 cr
State Bank of India (SBI) on Friday posted a 34 per cent decline in net profit at Rs 2,234.34 crore for the third quarter ended December 31
Mumbai: State Bank of India (SBI) on Friday posted a 34 per cent decline in net profit at Rs 2,234.34 crore for the third quarter ended December 31, 2013 on account of higher provisioning for bad loans.
The country’s largest bank had a net profit of Rs 3,396 crore on standalone basis in the October-December quarter of 2012-13.
The total provisioning for non-performing assets rose to Rs 3,428.59 crore during the December quarter, up from Rs 2,766.18 crore in the corresponding period last fiscal, SBI said in a filing on the BSE
Total income of the bank rose to Rs 39,061 crore during the third quarter from Rs 33,992 crore in the same period last financial year.
Feb The gross non-performing Assets (NPAs), which represents portion of bad loans, stood at Rs 67,799.33 crore at the end of December, up from Rs 53,457 crore in the same period last financial year.
As of December 31, the bank’s portfolio quality declined, with gross NPAs at 5.73 per cent of gross advances, as against 5.30 per cent in the same period last financial year. Its net NPAs during the third quarter rose to 3.24 per cent, from 2.59 per cent in the period a year earlier.
On a consolidated basis, the SBI group net profit plummeted by 40 per cent to Rs 2,838 crore during the October-December quarter. It was at Rs 4,648 crore in the corresponding period last financial year.
During the nine months ended December 2013, the bank’s net profit on standalone basis declined by 27 per cent to Rs 7,850.43 crore, as against Rs 10,805.76 crore in same period of 2012-13.
Its total income rose to Rs 1,12,493.42 crore in the nine months, from Rs 99,361.07 crore in the corresponding period last financial year.