The country's largest bank SBI on Friday reported 8% decline in net profit at Rs. 3,041 crore for the fourth quarter ended March 31, 2014 on account of higher provisioning against bad loans.
State Bank of India had a net profit of Rs. 3,299 crore on standalone basis in the January-March quarter of the previous fiscal.
The bank's total income rose to Rs. 42,443 crore in Q4, 2013-14, from Rs. 36,331 crore in the year ago period, SBI said in a statement.
At the same time, the net interest income of the bank rose by 16.4% to Rs. 12,903 crore, from Rs. 11,591 crore in the fourth quarter of the last fiscal.
Provisions against bad loans increased significantly in Q4 to Rs. 5,884 crore from Rs. 3,974 crore in the year-ago period.
The gross Non Performing Assets (NPAs) as a percentage of total loan rose to 4.95% during the quarter, from 4.75% in the year ago period.
The net NPA also increased to 2.57% as compared to 2.10% in the March 31, 2013.
The gross NPA, which represents portion of bad loans, stood at Rs. 61,605 crore at the end of March, up from Rs. 51,189 crore in the year ago period.
For full fiscal (2013-14), the bank reported a 23% decline in net profit at Rs. 10,891 crore compared to Rs. 14,105 crore in the previous fiscal.
The total income of the bank rose to Rs. 1,36,351 crore, from Rs. 1,19,655 crore in 2012-13.
It declared a final dividend of Rs. 30 per shares or 300% for 2013-14.
The SBI scrip was down 2.79% at Rs. 2,582 in the afternoon trade on the BSE.