Improved asset quality pushes SBI net profit up 23% to Rs 3,742 cr in Q4

Improved asset quality pushes SBI net profit up 23% to Rs 3,742 cr in Q4

During the quarter, total provisioning and contingencies of the bank were high at Rs 6,592.91 crore from Rs 5,891.12 crore a year ago.

Advertisement
Improved asset quality pushes SBI net profit up 23% to Rs 3,742 cr in Q4

Kolkata: State Bank of India (SBI) reported 23 percent jump in standalone net profit at Rs 3,742.02 crore in the fourth quarter ended March 2015 on improvement in its asset quality. The country’s largest bank had made a net profit of Rs 3,040.74 crore during the same quarter a year ago.

Advertisement
Rising profits. Reuters

Total income of the bank also increased to Rs 48,616.41 crore in the last quarter of FY15, from Rs 42,443.27 crore in the same quarter a year ago, SBI said in a filing to the BSE.

The bank has recommended a dividend of 350 percent or Rs 3.50 per share for the year ended March 2015.

During January-March quarter of 2014-15, the bank’s asset quality improved as net non-performing assets (NPAs) or bad loans trimmed to 2.12 percent of net advances as against 2.57 percent at the end of previous fiscal. At the same time, gross NPAs also came down to 4.25 percent of gross advances, from 4.95 percent at the end of March 2014.

Advertisement

During the quarter, total provisioning and contingencies of the bank were high at Rs 6,592.91 crore from Rs 5,891.12 crore a year ago.

For the entire fiscal ended March 2015, SBI’s net profit increased 20 percent to Rs 13,101.57 crore as compared to Rs 10,891.17 crore for the year ended March 2014.

Advertisement

Total income on a standalone basis increased to Rs 1,74,972.96 crore from Rs 1,54,903.72 crore for the year ended March 2014.

SBI group’s consolidated net profit rose 20 percent to Rs 16,994.30 crore during the fiscal under review as compared to Rs 14,173.77 crore in the previous fiscal.

At 3 pm, the bank’s scrip was trading at Rs 284.40 on BSE, down 1.7%. Earlier, the stock had jumped 5.5% to touch the day’s high of Rs 305 before erasing gains on profit taking.

Advertisement

PTI

Written by FP Archives

see more

Latest News

Find us on YouTube

Subscribe

Top Shows

Vantage First Sports Fast and Factual Between The Lines