Millennium Post

SBI banks on efficiency to clock Rs3,241-crore Q1 net

State Bank of India on Monday reported 13.6 per cent decline in standalone net profit to nearly Rs 32.41 billion for the quarter ended 30 June, 2013, due to increased provisioning for rising non-performing assets.

The country's largest bank had a standalone net profit of Rs 37.52 billion in the same quarter last year.

Total income increased to about Rs 362 billion in the quarter, from Rs 324.15 billion in the same period a year ago.The bank's gross non-performing assets (NPAs) rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.

On consolidated basis, SBI's net profit fell by 12 per cent to about Rs 42.99 billion for the quarter ended 30 June, from about Rs 48.75 billion in the same period a year ago.

Total income on consolidated basis increased to Rs nearly Rs 525 billion as against Rs 468.39 billion in the April-June quarter of 2012-13.
In value terms, SBI's gross NPAs increased to about Rs 608.91 billion (5.56 per cent of loans) during the June quarter, from nearly
Rs 471.56 bilion (4.99 per cent) in the corresponding period a year ago.
Net NPAs of the bank rose to Rs 299.90 billion (2.83 per cent) at the end of the first quarter, as against nearly Rs 203 billion (2.22 per cent) in the year ago.
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