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SBI Q4 profit up 23pc at Rs. 3,742 cr on improved asset quality

SBI on Friday reported 23 per cent jump in standalone net profit at Rs. 3,742.02 crore in the fourth quarter ended March 2015 on improvement in its asset quality.

The country’s largest bank had made a net profit of Rs. 3,040.74 crore during the same quarter a year ago.

Total income of the bank also increased to Rs. 48,616.41 crore in the last quarter of FY15, from Rs. 42,443.27 crore in the same quarter a year ago, State Bank of India (SBI) said in a filing to the BSE.

The bank has recommended a dividend of 350 per cent or Rs. 3.50 per share for the year ended March 2015.

During January-March quarter of 2014-15, the bank’s asset quality improved as net non-performing assets (NPAs) or bad loans were trimmed to 2.12 per cent of net advances as against 2.57 per cent at the end of previous fiscal.

At the same time, gross NPAs also came down to 4.25 per cent of gross advances, from 4.95 per cent at the end of March 2014.

During the quarter, total provisioning and contingencies of the bank were high at Rs. 6,592.91 crore from Rs. 5,891.12 crore a year ago.

For the entire fiscal ended March 2015, SBI’s net profit increased 20 percent to Rs. 13,101.57 crore as compared to Rs. 10,891.17 crore for the year ended March 2014.

Total income on a standalone basis increased to Rs. 1,74,972.96 crore from Rs. 1,54,903.72 crore for the year ended March 2014.

SBI Group’s consolidated net profit rose 20 per cent to Rs. 16,994.30 crore during the fiscal under review as compared to Rs. 14,173.77 crore in the previous fiscal.

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