State Bank of India Q4 net profit stands at Rs 838.40 cr
Mumbai, May 10 (UNI) Public sector lender State Bank of India (SBI) on Friday reported a net profit of Rs 838.40 crore for the quarter ended March 31,2019 as against a loss of Rs 7,718.17 crore during the same quarter a year ago.
Total Income for the quarter under review stood at Rs 75,670.50 crore as compared to Rs 68,436.06 crore during the quarter ended March 31, 2018, up by 10.57 per cent Banks net interest income or the difference between interest earned on loans and interest paid on deposits rose 14.91 per cent to Rs 22,953.83 crore compared with Rs. 19,974.28 crore in the year ago period.
The profit miss cam on account of higher provisioning for bad loans as SBI's provisions for bad loans rose 24 per cent to Rs. 17,335.84 crore sequentially, the bank said.
Banks gross non-performing assets (NPAs) as a percentage of total advances declined to 7.53 per cent at the end of March quarter, from 8.71 per cent in the previous quarter.
Its total non-performing assets stood at Rs. 1,72,750 crore at the end of March quarter compared with Rs. 1,87,764 crore at the end of December quarter.
Provisions and contingencies surged 174.75 per cent to Rs 16,501.89 crore in the quarter from Rs 6,006.22 crore a quarter ago.
Deposits rose 7.58 pc to Rs 2,911386.01 crore while advances increased 13 pc to Rs 2,185,876.92 crore.
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