SBI's Q3 profit declines 67% on higher provisioning for bad loans
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The State Bank of India (SBI) on Thursday posted 67% decline in consolidated profit to Rs 1,259.49 crore for the third quarter (Q3) ended December 31, 2015, on account of higher provisioning for bad loans.
The SBI Group had registered a net profit of Rs 3,828.20 crore in the October-December quarter of the 2014-15 fiscal.
On a standalone basis, the SBI net profit plummeted by 61.6% to Rs 1,115.34 crore for the third quarter(Q3) of the current fiscal. It was at Rs 2,910.06 crore in the year-ago period.
However, the total income of the bank rose to Rs 46,731 crore during the third quarter(Q3) from Rs 43,784 crore in the same period of last fiscal.
The total provisioning for non-performing assets jumped significantly to Rs 7,644.52 crore during the December quarter, up from Rs 5,327.51 crore in the corresponding period last fiscal.
The financial result has been arrived at after considering necessary provisions for NPAs, standard assets and investment depreciation on the basis of prudential norms issued by the Reserve Bank of India (RBI), SBI said in a statement. The gross Non-performing Assets (NPAs), which represent the portion of bad loans, stood at Rs 72,791.73 crore at the end of December, up from Rs 61,991.45 crore in the year-ago period.
As of December 31, the bank's portfolio quality declined with gross NPAs at 5.10% of gross advances as against 4.90% a year ago. Its net NPAs during the third quarter(Q3) rose to 2.89% from 2.80% in the period a year earlier.
At 1414 hours, the shares of State Bank of India were trading down 1.07% or Rs 1.70 at Rs 157.25 per scrip intraday on the BSE.
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