The fourth quarter result does not take into account acquisition of its five associates State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala, and State Bank of Hyderabad and Bharatiya Mahila Bank (BMB) as the merger came into effect from April 1.
The state-owned bank had in contrast registered standalone net profit of Rs 1,263.81 crore in the fourth quarter of the previous fiscal, 2015-16.
The standalone net profit of the bank in 2016-17 increased by 5.36 per cent to Rs 10,484 crore from Rs 9,951 crore in the previous financial year.
The operating profit of the bank for the fourth quarter increased by 12.93 per cent, from Rs 14,192 crore in the year-ago period, to Rs 16,026 crore.
According to SBI statement, ‘loan loss provisions’ were lowered to Rs 10,993 crore during the fourth quarter of last fiscal as against Rs 12,139 crore in the year-ago period.
SBI profit rose by 12.93 per cent from Rs 14,192 crore
The bank’s operating profit rose by 12.93 per cent, from Rs 14,192 crore to Rs 16,026 crore.
In absolute terms, gross NPAs rose to Rs 1,12,343 crore in March, 2017 from Rs 98,173 crore.
According to SBI, loan lossprovisions were lowered to Rs 10,993 crore during the fourth quarter of last fiscal as against Rs 12,139 crore.
The bank’s gross NPAs rose to 9.04 per cent from 6.40 per cent, while net NPAs rose to 5.15 per cent as against 3.73 per cent at the end of March, 2016.
For the full year FY17, while standalone net profit rose 5.36 per cent to Rs 10,484 crore from Rs 9,951 crore in the previous fiscal, consolidated annual profit fell by about 98 per cent to Rs 241.23 crore from Rs 12,224.59 crore, led by an increase in provisioning.
Net profit of SBI Group — banking and non-banking subsidiaries — declined to Rs 241 crore in FY17 from Rs 12,225 crore in FY16.
SBI reported loan growth of Rs 7.8% y-o-y to Rs 16.27 lakh crore in Q4 FY17 and its total deposits grew 18.14% y-o-y to Rs 20.44 lakh crore in the same period.
Recoveries in Q4 FY17 were at Rs 1,203 crore and the bank also upgraded loans worth Rs 1,002 crore from non-performing to standard.
Provisions were lower by 11% year-on-year (y-o-y) at Rs 11,740 crore, of which those for bad loans fell 10% y-o-y to Rs 10,992 crore.
(Reuters)State Bank of India (SBI) more than doubled its net profit to Rs 2,815 crore in the March 2017 quarter, on the back of lower provisions.