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Rediff.com  » Business » SBI Q4 net profit falls 66% to Rs 1,264 crore

SBI Q4 net profit falls 66% to Rs 1,264 crore

Source: PTI
May 27, 2016 14:30 IST
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SBICountry's largest lender State Bank of India on Friday posted 66 per cent slump in standalone profit to Rs 1,263.81 crore (Rs 12.63 billion) for the fourth quarter of last fiscal ended March 31 as it more than doubled the provisions for bad loans.

State Bank of India had reported net profit of Rs 3,742.02 crore (Rs 37.42 billion) in the corresponding, January-March quarter of the previous fiscal 2014-15.

"Total income (standalone) has increased to Rs 53,526.97 crore (Rs 535.26 billion) for the quarter ended March 31, 2016 from Rs 48,616.41 crore (Rs 486.16 billion) for the same quarter year ago", SBI said in a regulatory filing.

Its provision towards bad loans alone were raised to Rs 12,139.17 crore (Rs 121.39 billion) during last quarter of 2015-16, up from Rs 4,985.83 crore (Rs 49.85 billion) in the year-ago period.

In all, Rs 13,174.05 crore (Rs 131.74 billion) was parked towards provisions as well as contingencies during the quarter, as against Rs 6,943.31 crore (Rs 69.43 billion) in the same quarter of 2014-15.

For the entire 2015-16 fiscal, Bank reported 24 per cent decline in net profit to Rs 9,950.65 crore (Rs 99.5 billion).

SBI's net profit in 2014-15 stood at Rs 13,101.57 crore (Rs 131.01 billion).

"Total income has increased to Rs 1,91,843.67 crore (Rs 1,918.43 billion) for the year ended March 31 from Rs 1,74,972.96 crore (Rs 1,749.72 billion) for the year ended March 31, 2015," it said.

On the asset front, SBI's gross non-performing assets or bad loans rose to 6.5 per cent of gross advances asof March 2016, from 4.25 per cent a year ago.

In absolute terms, the gross NPAs reached Rs 98,172.80 crore (Rs 981.72 billion), as against Rs 56,725.34 crore (Rs 567.25 billion).

Likewise, net NPAs were 3.81 per cent (Rs 55,807.02 crore or Rs 558.07 billion) of net advances as of March 31, 2016 as against 2.12 per cent (Rs 27,590.58 crore or Rs 275.9 billion) a year ago.

In a separate filing to exchanges, SBI said the central board of the bank at a meeting held on Friday has declared a dividend of 2.60 per cent for financial year 2015-16.

The date of payment of the dividend is fixed for June 22.   

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