State Bank of Patiala has reported 16 per cent dip in its net profit to Rs 666.76 crore for the fiscal ended March 31,2013. The bank had reported a rise in net profit at Rs 796.45 crore in the previous fiscal.
Managing director of State Bank of Patiala,Achal Kumar Gupta,said today that the decline in the net profit is due to the increase in the wages of the employees and volume of stressed assets. However,overall market scenario is responsible for the decline in the profits, he said.
Banks gross and net NPA went up to 3.25 per cent and 1.62 per cent in 2012-13 compared to 2.94 per cent and 1.35 per cent in 2011-12,respectively. However,the bank has seen traction in both the advances as well as the deposit mobilisation. The total business of the bank saw a year-on-year growth of 14.33 per cent and as on March 2013 the total business of the bank stood at Rs 1,64,132 crore.