State Bank of India (SBI), the largest public sector lender in India, on Friday reported a 66.32 per cent year-on-year (YoY) fall in net profit at Rs 1,260 crore for the March quarter on account of higher-than-expected provisioning for bad assets.
The lender had reported a net profit of Rs 3,742 crore in the corresponding quarter a year ago. In an ET Now poll, analysts had estimated the bank to report a net profit of Rs 1,840 crore.
This is the national lender's sharpest fall in net profit since March 2011, when it fell 99%.
Provisions for the quarter stood at Rs 13,174 crore, of which Rs 12,138 crore was kept aside for non-performing assets ( this includes Rs 543 crore provision on loans given against vanishing food grains in Punjab).
The lender had reported a net profit of Rs 3,742 crore in the corresponding quarter a year ago. In an ET Now poll, analysts had estimated the bank to report a net profit of Rs 1,840 crore.
This is the national lender's sharpest fall in net profit since March 2011, when it fell 99%.
Provisions for the quarter stood at Rs 13,174 crore, of which Rs 12,138 crore was kept aside for non-performing assets ( this includes Rs 543 crore provision on loans given against vanishing food grains in Punjab).
Slippages for the quarter stood at Rs 30,313 crore compared with Rs 20,692 crore in the December quarter. Gross NPAs jumped to 6.5 per cent of the gross advances from 5.1 per cent in the December quarter and 4.25 per cent in the year-ago quarter.
NII, the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, stood at Rs 15,291 crore, up 3.9 per cent for the March quarter.
This was higher that the estimate of Rs 13,960 crore made in an ET Now poll.
The total deposits of SBI rose to 9.7 per cent to Rs 17,30,722 crore, while advances rose 12.5 per cent to Rs 14,63,700 crore.
The bank has declared a dividend of Rs 2.60 per share for the full year.
This was higher that the estimate of Rs 13,960 crore made in an ET Now poll.
The total deposits of SBI rose to 9.7 per cent to Rs 17,30,722 crore, while advances rose 12.5 per cent to Rs 14,63,700 crore.
The bank has declared a dividend of Rs 2.60 per share for the full year.
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