SBI profit falls 8% but beats estimates

Tags: News

Gross NPA down sequentially, Q4 provisions rise to `5,884 cr

State Bank of India (SBI), the largest public sector lender, on Friday registered a 7.83 per cent drop in standalone net profit to Rs 3,041 crore for the quarter ended March 31, 2014 as compared with Rs 3,299 crore in the same period last year. Total income of the bank during the period increased by 16.82 per cent to Rs 42,443 crore, against Rs 36,331 crore earned in the same period last year.

SBI chairperson Arundhati Bhattacharya attributed the drop in the net profit to higher provisioning for bad loans. Provisions for bad loans increased significantly to Rs 5,884 crore in the fourth quarter, up from Rs 3,974 crore in the same period previous year. SBI expressed its commitment to increase scrutiny of bad loans through regular reviews and use of new technology. The gross non-performing loans as a percentage of total loans fell 78 basis points sequentially to 4.95 per cent in the March quarter, she said.

The net NPA was at Rs 31,096 crore in the fourth quarter against Rs 21,957 crore for the year-ago period, representing a rise of 41.63 per cent. In percentage term, net NPA increased to 2.57 per cent as on March 31, 2014 from 2.10 per cent as on March 31, 2013.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture