State Bank of India on Tuesday reported a 5.9% increase in net profit at Rs 4,713.57 crore for the first quarter ended June on the back of a decline in bad loans.
The country's largest bank registered a consolidated net profit of Rs 4,448.15 crore in the same quarter last year. Total income rose to Rs 62,927.46 crore, from Rs 60,620.93 crore in April-June of 2014-15.
The bank's provisions for bad loans fell to Rs 3,358.58 crore as against Rs 3,903.41 crore in the year-ago period.
At the same time, its gross non-performing assets (NPAs) dropped to 4.29% of total advances at the end of June, against 4.90% a year ago.
On a standalone basis, the bank's net profit increased by 10.2% to Rs 3,692.43 crore for the quarter under review as against Rs 3,349.08 crore a year ago.
Total income was up at Rs 44,730.87 crore during the quarter, against Rs 40,739.21 crore in the year-ago period.
In value terms, SBI's gross NPAs slumped to Rs 56,420.77 crore (4.29% of loans) during the June quarter, from Rs 60,434.24 crore (4.90%) on a year-on-year basis.
Net NPAs of the bank declined to Rs 28,669.14 crore (2.24%) at the end of the first quarter, against Rs 31,883.80 crore (2.66%) in the year-ago period.
Following the announcement of results, shares of SBI were trading 3.25% down at Rs 273.90 on BSE.