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SBI Q3 profit rises 71% to Rs 2,152 crore

Country’s largest lender State Bank of India posted a 71 percent rise in consolidated net profit at Rs 2,152.2 crore for the third quarter ended December 31, 2016.

The bank had reported a net profit of Rs 1,259.4 crore in the corresponding three-month period a year ago.

Total income on consolidated basis increased to Rs 75,537.2 crore for the quarter under review, from Rs 67,511.45 crore in the same period of FY2015-16.

Its total provisioning for non-performing assets rose to Rs 8,942.83 crore during the December quarter, up from Rs 7,949.38 crore in the corresponding period last fiscal.

Gross Non-performing Assets (NPAs), which represent portion of bad loans, stood at Rs 1.08 lakh crore at the end of December, up from Rs 72,791.73 crore a year ago.

As on December 31, the bank’s portfolio quality declined, with gross NPAs at 7.23 percent of gross advances, as against 5.10 percent a year ago.

Its net NPAs during the third quarter rose to 4.24 percent, from 2.89 percent in the period a year earlier.

On standalone basis, SBI’s net profit grew over two-fold to Rs 2,610 crore for the third quarter from Rs 1,115.3 crore in the October-December period a year ago.

Total income on standalone basis rose to Rs 53,587.5 crore during the quarter as compared with Rs 46,731 crore in the same period last fiscal.

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