Monday, August 12, 2013

State Bank of India profit plummets by 13.6 percent in April-June

Mumbai:12 Aug 2013,

Total income increased to Rs 36,192.62 crore in the quarter, from Rs 32,415 crore in the same period a year ago. The bank\'s gross non-performing assets (NPAs) rose to 5.56 percent of total advances at the end of June, against 4.99 percent a year ago, reflecting the impact of a slowing economy.

Shares of SBI were trading down by 2.65 percent at Rs 1,617.35 on the BSE in the afternoon. On consolidated basis, SBI\'s net profit fell by 12 percent to Rs 4,298.56 crore for the quarter which ended on June 30, from Rs 4,874.7 crore in the same period a year ago.

Total income on consolidated basis increased to Rs 52,502.29 crore as against Rs 46,839 crore in the April-June quarter of 2012-13. In value terms, SBI\'s Gross NPAs increased to Rs 60,891.46 crore (5.56 per cent of loans) during the June quarter, from Rs 47,156.38 crore (4.99 per cent) in the corresponding period a year ago.

Net NPAs of the bank rose to Rs 29,989.84 crore (2.83 percent) at the end of the first quarter, as against Rs 20,324.01 crore (2.22 per cent) in the year ago.
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