SBI Q2 profit falls 33% on higher provisioning for bad loans
State Bank of India (SBI), the country's largest lender,on Wednesday posted a 33% drop in net profit at Rs 3,072.77 crore for the quarter ended September 30 after higher provisioning for bad debts.business Updated: Nov 13, 2013 14:21 IST
State Bank of India (SBI), the country's largest lender,on Wednesday posted a 33% drop in net profit at Rs 3,072.77 crore for the quarter ended September 30 after higher provisioning for bad debts.
The bank's consolidated profit was Rs 4,575.31 crore a year earlier.
Total income on a consolidated basis rose to Rs 53,118.63 crore from Rs 49,917.47 crore in the same period a year ago, SBI said in a BSE filing.
On a standalone basis, SBI's profit declined 35% to Rs 2,375 crore from Rs 3,658.1 crore.
Total income was Rs 37,199.92 crore as against Rs 32,953.47 crore in the same period a year ago.
This is the bank's first earnings after Arundhati Bhattacharya took over as Chairperson on October 7.
Provisions for non-performing assets during the quarter rose to Rs 2,645.40 crore as against Rs 1,837.19 crore in the same period of the previous financial year.
As of September 30, the bank's gross non-performing assets (NPAs) deteriorated to 5.64 % of gross advances, compared with 5.15% year a year ago. Net NPAs rose to 2.91% from 2.44%.
SBI shares traded at Rs 1,724.90, up 2.95% on the BSE.