State Bank of India, the India’s largest lender disclosed that its net profit for the September quarter slipped 34.6 per cent from a year-ago period since provisions against bad loans more than doubled from last year. It clocked a net profit of Rs2,538.32 crore from Rs3,879.07 crore in the year-ago period. The bank was expected to post a net profit of Rs 2,585.40 crore.
Provisions and contingencies increased 21 per cent to Rs7,669.66 crore in the quarter from Rs. 6,339.56 crore a quarter ago. On a yearly basis, provisions increased 99.64 per cent from Rs. 3,841.77 crore. On the other hand, during the Sept quarter, net NPAs were at 4.19 per cent as compared to 2.14 per cent in the corresponding quarter last year.
SBI’s gross non-performing assets (NPAs) grew 4.18 per cent to Rs10,5782.96 crore at the end of the September quarter from Rs101,541.18 crore in the June quarter. Gross NPAs jumped 86.13% from Rs. 56,834.28 crore on yearly basis.
As a percentage of total loans, gross NPAs is clocked at 7.14 per cent at the end of the September quarter against 6.94 per cent in the previous quarter and 4.15 per cent in the year-ago quarter.
Net interest income (NII), or the core income a bank earns by giving loans, increased slightly 1.3 per cent to Rs14,437.46 crore in the September quarter from Rs. 14,252.55 crore last year.
Other income grew 36 per cent to Rs. 8,424.14 crore from Rs. 6,197.25 crore a year ago. Capital adequacy ratio for the quarter is registered at 13.94 per cent, up from 12.17 per cent a year ago.
On 11th Nov, SBI share price settled below 3 per cent at Rs. 273 while India’s benchmark Sensex Index fell 2.54 per cent to 26818.81 points.
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