Country’s big lender State Bank of India posted 66 per cent fall in standalone profit to Rs. 1,263.80 crore for the fourth quarter of last revenue ended March 31 as it more than doubled the provisions for poor loans.
State Bank of India had reported earn profit of Rs. 3,742 crore in the corresponding, January-March quarter of the previous fiscal year 2014-15.
Total profit has increased to Rs. 53,526 crore for the quarter ended March 31, 2016 from Rs. 48,616 crore for the same quarter year ago.
Its provision towards inferior loans alone was raised to Rs. 12,139 crore during last quarter of 2015-16 year, up from Rs. 4,985 crore before the one year ago.
In all, Rs. 13,174 crore was parked close provisions as well as contingencies during the quarter, as against Rs. 6,943 crore in the same quarter of 2014-15 year.
For the entire 2015-16 fiscal year, Bank reported 24 per cent decline in net profit to Rs. 9,950 crore. SBI’s net profit in 2014-15 year stood at Rs. 13,101 crore.
Total income has increased to Rs. 1,91,843 crore for the year ended March 31 from Rs. 1,74,972 crore for the year ended March 31, 2015 year.
On the asset front, SBI’s net non-performing assets (NPAs) or awful loans rose to 6.5 per cent of net advances as of March 2016 year and previous year was 4.25 per cent. NPAs reached Rs. 98,172 crore, as against Rs. 56,725 crore.
Likewise, net NPAs were 3.81 per cent in Rs. 55,807.02 crore of net advances as of March 31, 2016 as opposed to 2.12 per cent in Rs. 27,590.58 crore before one year.
SBI has announced a dividend of 2.60 per cent for financial year 2015-16.
SBI stock was trading 0.30 per cent up at Rs. 184.20 a piece on BSE.