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SBI Q4 net profit rises 122.7% to Rs2,814 crore

LiveMint logoLiveMint 19-05-2017 Ravindra N. Sonavane

Mumbai: State Bank of India on Friday said its net profit for the March quarter jumped 122.7% from a year ago due to higher net interest income and lower provisions.

Net profit for the quarter rose to Rs2,814.82 crore from Rs1,263.81 crore a year ago. According to estimates of 20 Bloomberg analysts, the bank expected to post a net profit of Rs2,791 crore.

Net interest income, or the core income a bank earns by giving loans, rose 17.33% to Rs18,070.72 crore from Rs15,401.18 crore in the year-ago period. Other income declined 2.4% to Rs10,327.50 crore from Rs10,585.20 crore in the same period last year.

Provisions fell 10.9% to Rs11,740.09 crore from Rs13,174.05 crore on year-on-year basis.

Gross non-performing assets (NPAs) rose 14.4% to Rs1.12 trillion at the end of the March quarter from Rs981.73 billion a year ago. The bank reported gross NPA of Rs1.08 trillion a quarter ago.

As a percentage of total loans, gross NPAs stood at 6.9% at the end of the March quarter compared with 7.23% in the previous quarter and 6.5% in the year-ago quarter. Net NPAs were at 3.71% compared with 4.24% in the previous quarter and 3.81% in the same quarter last year.

Deposits rose 18.1% year-on-year to Rs20.45 trillion, while advances were up 7.3% to Rs15.71 trillion.

The bank said in a notice to the BSE that it has invoked SDR/S4A in respect of 10 accounts having an outstanding balance of Rs5,169.51 crore as of March 2017.

At 12.20pm, SBI was trading at Rs307.35 on the BSE, up 1.45% from its previous close, while the benchmark Sensex index fell 0.22% to 30,369.22 points.

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