SBI Q3 net profit rises marginally by 4% to Rs3,396 crore on higher provisioning
Moneylife Digital Team 14 February 2013

The total provisioning of the bank stood at Rs4,394.70 crore during the December quarter, up from Rs3,996.97 crore in the year-ago period

State Bank of India (SBI), the country’s largest lender, reported a marginal 4.08% increase in net profit at Rs3,396 crore for the third quarter ended 31 December 2012, due to higher provisioning for bad loans.

 

SBI had reported a net profit of Rs3,263 crore in the previous corresponding quarter.

 

The total provisioning of the bank stood at Rs4,394.70 crore during the December quarter, up from Rs3,996.97 crore in the year-ago period, SBI said in a statement.

 

The gross Non-performing Assets (NPAs), which represents portion of bad loans, stood at Rs53,457 crore at the end of December, up from Rs40,098 crore in the year-ago period.

 

The gross NPA as a percentage of total loan rose to 5.30% during the quarter, from 4.61% in the year ago period. The net NPA was at 2.59% of loans in the December quarter.

 

The Net Interest Income (NII) declined to Rs11,154 crore during the quarter, from Rs11,518 crore in the year-ago period.

 

Total income of the bank rose to Rs33,992 crore during the third quarter, from Rs29,787 crore in the corresponding period a year ago.

 

On a consolidated basis, SBI's net profit rose 7.64% to Rs4,648 crore during the October-December quarter, from Rs4,318 crore in the year-ago period.

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