SBI Q4 net more than doubles to Rs 2815 cr

SBI Q4 net more than doubles to Rs 2815 cr

SBI Q4 net more than doubles to Rs 2815 cr

Net profit of country's largest lender SBI more than doubled to Rs 2,814.82 crore for the March quarter as its net NPAs or bad loans narrowed to 3.7 per cent of total advances.

Gross bad loans as a percentage of total loans fell to 6.9 percent in March from 7.23 percent in December.

The net Interest Income increased by 17.33%, from ₹5,401 crore to ₹18,071 crore during the year under review.

Standalone net profit catapulted to Rs 2,815 crore for the January-March 31, 2017 quarter from Rs. 1,264 crore a year earlier.

The SBI has reduced loan loss provisions by 9.44 per cent to Rs 10,993 crore in the quarter as compared to Rs 12,139 crore in the same period previous year. Net NPA ratio also declined by 53 bps quarter-on-quarter.

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For the financial year ended March 31, 2017, the bank recorded a net loss of Rs 390.67 crore compared with a profit of Rs 12,743.28 crore a year ago.

However, including the results of the subsidiary banks it has now taken over, the bank reported a consolidated net loss of about 33 billion rupees in the March quarter, stoking concerns that higher bad-loan ratio at the subsidiaries could weigh on the overall balance sheet. In fiscal 2017, the bank made an operating profit of Rs10,795 crore (107.95 billion).

"Asset quality and loan growth positively surprised", said Mr Siddharth Purohit at Angel Broking.

During the quarter, the Net Interest Income increased by 17.33% to Rs 18,071 crore as against Rs 15,401 crore in the same quarter a year ago.

She said the bank would be very selective in corporate lending and the lending would depend on region, sector and credit rating, among others.

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The SBI chief said that the VRS expenses for the bank are estimated at Rs 480-500 crore and 75 percent of this has been borne in FY17 itself and hence the majority of the merger expenses are taken care of.

The fourth quarter results do not factor in the merger of associate banks, which was effected in April.

Owing to this two-way pressure, the outlook of the margins is stable, Bhattacharya said in a video conference.

The board of SBI declared a dividend of Rs 2.60 per share or 260 per cent for the financial year ended March 31, 2017. The bank said its overall provisions were lower by 11 per cent at Rs11,740 crore.

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