State Bank of India today reported a marginal 3.3 per cent increase in net profit to Rs 3,349.08 crore for the quarter ended June 30 even as provision for bad debts increased significantly.
The country’s largest bank had a standalone net profit of Rs 3,241.08 crore in the same quarter last year. Total income increased to Rs 40,739.21 crore during the quarter, against Rs 36,192.62 crore in the same period a year ago.
Provision for bad loans increased to Rs 3,903.41 crore as against Rs 2,265.83 crore in the year-ago period.
However, the bank’s gross non-performing assets (NPAs) declined to 4.90 per cent of total advances at the end of June, against 5.56 per cent a year ago.
On a consolidated basis, the bank’s net profit fell 3.3 per cent to Rs 4,448.15 crore for the quarter ended June 30, against Rs 4,298.56 crore in the year-ago period.
Total income increased to Rs 60,620.93 crore as against Rs 52,502.29 crore in the April-June quarter of 2013-14. In value terms, SBI’s Gross NPAs increased to Rs 60,434.24 crore (4.90 per cent of loans) during the June quarter, from Rs 60,891.46 crore (5.56 per cent) in the year- ago period.
Net NPAs of the bank rose to Rs 31,883.80 crore (2.65 per cent) at the end of the first quarter, against Rs 29,989.84 crore (2.83 per cent) in the year-ago period.
Shares of SBI were trading 0.95 per cent down at Rs 2,413.95 during afternoon trade on the BSE.