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SBI reports sharp decline in Q4 standalone profit

SBI reports sharp decline in Q4 standalone profit

India Blooms News Service | 27 May 2016, 11:45 pm
Kolkata, May 27 (IBNS) State Bank of India, the country's largest lender, reported a sharp decline in fourth quarter standalone profit largely due to more than two-fold increase in provisions and slow growth in net interest income, according to media reports.

Net profit declined  by 66.23% from Rs.3742 Crores in Q4FY15 to Rs.1,264 Crores in Q4FY16.

For the full year, net profit declined by 24.05% from Rs.13,102 Crores in FY15 to Rs.9,951 Crores in FY16.

On Friday, SBI reported its results for the quarter and year ending on Mar 31, 2016.

SBI's Net Interest Income increased from Rs.14,712 Crores in Q4FY15 to Rs.15,291 Crores in Q4FY16.

Total Interest Expenses increased from Rs.25,389 Crores in Q4FY15 to Rs.27,541  Crores in Q4FY16.

Gross NPA went up by 225 bps at 6.50% in FY 16 as against 4.25% in FY15. while Net NPA went up by 169 bps at 3.81% in FY16 as against 2.12% in FY15.

Deposits of SBI  increased from Rs.15,76,793  Crores in Mar 2015 to Rs.17,30,722 Crores in Mar 2016.

Of its associate banks,

• State Bank of Bikaner & Jaipur registered a Net Profit of Rs.851 Crores in FY16 against Rs.777 Crores in FY15.
• State Bank of Hyderabad posted a Net Profit of Rs.1065 Crores in FY16 against Rs.1317 Crores in FY15.
• State Bank of Mysore registered a Net Profit of Rs.358 Crores in FY16 against Rs.409 Crores in FY15.
• State Bank of Patiala posted a Net Loss of Rs.972 Crores in FY16 against  a Net Profit of Rs.362 Crores  in FY15.
• State Bank of Travancore registered a Net Profit of Rs.338 Crores in FY16 up from Rs.336 Crores in FY15.


The company reported that Gross NPAs for SBI Group increased from 4.29% in FY15 to 6.40% in FY16,  while Net NPAs increased from 2.24% in FY15 to 3.73  % in FY16.

During the dame time, net profit (after minority interest) of SBI Group declined from Rs 16,994 Crores in FY15 to Rs.12,225 Crores in FY16 .

 

(Image by Avishek Mitra)

SBI reports sharp decline in Q4 standalone profit

India Blooms News Service
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