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Rediff.com  » Business » SBI Q1 net profit rises 3.3% to Rs 3,349 crore

SBI Q1 net profit rises 3.3% to Rs 3,349 crore

Last updated on: August 08, 2014 14:56 IST

SBIState Bank of India on Friday reported a marginal 3.3 per cent increase in net profit to Rs 3,349.08 crore for the quarter ended June 30 even as provision for bad debts increased significantly.

The country's largest bank had a standalone net profit of Rs 3,241.08 crore (Rs 32.41 billion) in the same quarter last year.

Total income increased to Rs 40,739.21 crore (Rs 407.39 billion) during the quarter, against Rs 36,192.62 crore (Rs 361.92 billion) in the same period a year ago.

Provision for bad loans increased to Rs 3,903.41 crore (Rs 39.03 billion) as against Rs 2,265.83 crore (Rs 22.65 billion) in the year-ago period. However, the bank's gross non-performing assets declined to 4.90 per cent of total advances at the end of June, against 5.56 per cent a year ago.

On a consolidated basis, the bank's net profit increased 3.3 per cent to Rs 4,448.15 crore (Rs 44.48 billion) for the quarter ended June 30, against Rs 4,298.56 crore (Rs 42.98 billion) in the year-ago period.

Total income increased to Rs 60,620.93 crore (Rs 606.2 billion) as against Rs 52,502.29 crore (Rs 525.02 billion) in the April-June quarter of 2013-14.

In value terms, SBI's Gross NPAs increased to Rs 60,434.24 crore or Rs 604.34 billion (4.90 per cent of loans) during the June quarter, from Rs 60,891.46 crore or Rs 608.91 billion (5.56 per cent) in the year- ago period.

Net NPAs of the bank rose to Rs 31,883.80 crore (2.65 per cent) at the end of the first quarter, against Rs 29,989.84 crore or Rs 299.89 billion (2.83 per cent) in the year-ago period.

Shares of SBI were trading 0.95 per cent down at Rs 2,413.95 during afternoon trade on the BSE.

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