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NEW DELHI(PTI):Country’s largest lender State Bank of India (SBI) on Friday posted 66 per cent slump in standalone profit to Rs. 1,263.81 crore for the fourth quarter of last fiscal ended March 31 as it more than doubled the provisions for bad loans.
State Bank of India had reported net profit of Rs. 3,742.02 crore in the corresponding, January-March quarter of the previous fiscal 2014-15.
“Total income (standalone) has increased to Rs. 53,526.97 crore for the quarter ended March 31, 2016 from Rs. 48,616.41 crore for the same quarter year ago”, SBI said in a regulatory filing.
Its provision towards bad loans alone were raised to Rs. 12,139.17 crore during last quarter of 2015-16, up from Rs. 4,985.83 crore in the year-ago period.
In all, Rs. 13,174.05 crore was parked towards provisions as well as contingencies during the quarter, as against Rs. 6,943.31 crore in the same quarter of 2014-15.
For the entire 2015-16 fiscal, Bank reported 24 per cent decline in net profit to Rs. 9,950.65 crore. SBI’s net profit in 2014-15 stood at Rs. 13,101.57 crore.
“Total income has increased to Rs. 1,91,843.67 crore for the year ended March 31 from Rs. 1,74,972.96 crore for the year ended March 31, 2015,” it said.
On the asset front, SBI’s gross non-performing assets (NPAs) or bad loans rose to 6.5 per cent of gross advances as of March 2016, from 4.25 per cent a year ago. In absolute terms, the gross NPAs reached Rs. 98,172.80 crore, as against Rs. 56,725.34 crore.
Likewise, net NPAs were 3.81 per cent (Rs. 55,807.02 crore) of net advances as of March 31, 2016 as against 2.12 per cent (Rs. 27,590.58 crore) a year ago.
In a separate filing to exchanges, SBI said the central board of the bank at a meeting held on Friday has declared a dividend of 2.60
The date of payment of the dividend is fixed for June 22.
SBI stock was trading 0.30 per cent up at Rs. 184.30 a piece on BSE.