Largest bank in India State Bank of India(SBI) on Friday said its net profit for the March quarter jumped 122.7% from a year ago due to higher net interest income and lower provisions.
Net profit for the quarter rose to Rs2,814.82 crore from Rs1,263.81 crore a year ago. According to estimates of 20 Bloomberg analysts, the bank expected to post a net profit of Rs2,791 crore.
Net interest income, or the core income a bank earns by giving loans, rose 17.33% to Rs18,070.72 crore from Rs15,401.18 crore in the year-ago period. Other income declined 2.4% to Rs10,327.50 crore from Rs10,585.20 crore in the same period last year.
Provisions fell 10.9% to Rs11,740.09 crore from Rs13,174.05 crore on year-on-year basis.Gross non-performing assets (NPAs) rose 14.4% to Rs1.12 trillion at the end of the March quarter from Rs981.73 billion a year ago. The bank reported gross NPA of Rs1.08 trillion a quarter ago.
As a percentage of total loans, gross NPAs stood at 6.9% at the end of the March quarter compared with 7.23% in the previous quarter and 6.5% in the year-ago quarter. Net NPAs were at 3.71% compared with 4.24% in the previous quarter and 3.81% in the same quarter last year.
Deposits rose 18.1% year-on-year to Rs20.45 trillion, while advances were up 7.3% to Rs15.71 trillion.The bank said in a notice to the BSE that it has invoked SDR/S4A in respect of 10 accounts having an outstanding balance of Rs5,169.51 crore as of March 2017.
Find Quarterly Results of public and private sector Banks for Q4 2017 in Latest bank Updates
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