SBI Q4 net doubles to Rs 2815cr

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The state lender reduced loan loss provisions by 9.44 per cent to Rs 10,993 crore in the three months ended March as compared to Rs 12,139 in the year-ago period.

Net interest income rose 17.3% to 180.71 billion rupees. However, for the year ended March 2017, SBI's consolidated net profit declined by about 98% to Rs 241.23 crore from Rs 12,224.59 crore at the end of 2015-16. On Thursday, SBI shares closed at Rs 302.95 apiece, down 1.53 percent from their previous close.

India's largest bank State Bank of India reported a net profit of Rs. 2814 crore in its fourth quarter ended March, 2017, while its bad loans also fell to 6.9 per cent compared to 7.23 per cent in December 2016.

Under Basel III, the bank's capital adequacy ratio stood at 11.14 percent with the Tier-1 capital at 8.94 percent as on March 31 and its capital adequacy ratio as per Basel II was at 11.68 percent as on March 31.

The lender's provisions for bad debt dropped to 110 billion rupees in the March quarter from 121 billion rupees a year earlier. Total income was up marginally at Rs 5,105 crore.

Gross NPA as a percentage of total loans rose to 15.53 percent in the quarter from 13.26 percent during the same period previous fiscal. Top losers were Tata Motors and Axis Bank while IT stocks Wipro, TCS and Infosys ended with gains after a series of losses in the past few sessions over layoff reports.

The state-owned bank had in contrast registered standalone net profit of Rs 1,263.81 crore in the fourth quarter of the previous fiscal, 2015-16. The sharp increase was on account of higher other income and interest on deposits with the RBI and other lenders.

The lender said gross non-performing assets (NPAs) declined to 6.90 per cent of gross advances, down 33 basis points from 7.23 per cent reported for December quarter.

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