Millennium Post

SBI zooms over 10% as fourth quarter profit beats estimates

State Bank of India had a net profit of Rs 3,299 crore on standalone basis in the January-March quarter of the previous fiscal.
The bank's total income rose to Rs 42,443 crore in Q4, 2013-14, from Rs 36,331 crore in the year ago period, SBI said in a statement. At the same time, the net interest income of the bank rose by 16.4 per cent to Rs 12,903 crore, from Rs 11,591 crore in the fourth quarter of the last fiscal.

Provisions against bad loans increased significantly in Q4 to Rs 5,884 crore from Rs 3,974 crore in the year-ago period.The gross Non Performing Assets (NPAs) as a percentage of total loan rose to 4.95 per cent during the quarter, from 4.75 per cent in the year ago period. The net NPA also increased to 2.57 per cent as compared to 2.10 per cent in the 31 March, 2013. The gross NPA, which represents portion of bad loans, stood at Rs 61,605 crore at the end of March, up from Rs 51,189 crore in the year ago period.The total income of the bank rose to Rs 1,36,351 crore, from Rs 1,19,655 crore in 2012-13.

It declared a final dividend of Rs 30 per shares or 300 per cent for 2013-14. However, operating profit on consolidated basis increased by 2.87 per cent to Rs 42,097 crore, as compared to Rs 40,922 crore in the previous fiscal.Capital Adequacy Ratio improved to 12.44 per cent with Tier I capital at 9.72 per cent and Tier II at 2.72 per cent at the end of 2013-14.
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