SBI net profit up 122.72% in Q4

Alain Brian
Mai 20, 2017

Provisions were lower by 11% year-on-year (y-o-y) at Rs 11,740 crore, of which those for bad loans fell 10% y-o-y to Rs 10,992 crore.

State-run United Bank of India on Thursday reported a net profit of Rs 73.56 crore for the quarter ended March 31, compared with a net loss of Rs 413.04 crore for the same period a year ago. The ratio was 6.50% in March, 2016.

Gross non-performing assets rose to 6.9% in January-March 2017 from 6.5% in the fourth quarter of 2015-16.

Gross non-performing assets (GNPA) also surged to Rs 1,08,172 crore by end of the Q3.

Chairman Arundhati Bhattacharya told Reuters last month that the bank expected a boost to annual profit in three years on cost and efficiency gains from the absorption of the subsidiaries.

The scrip of IDBI Bank plunged by nearly eight per cent to close at Rs 70 per share on the BSE. So far in 2017, the SBI stock is up 23.4% against a 14.42% rise for the Sensex in the same period.

Deposits of the bank increased to Rs 20,44,751 crore as on March 17, up by 18.14 per cent over last year's Rs 17,30,722 crore, it said in a statement.

Net interest margin rose to 4.05 per cent as on March 31, 2017 from 3.43 per cent registered during same quarter of previous year.

"The bank on a solo basis has done very well despite a hard quarter". "The rules were eased as it was found numerous smaller banks, or perhaps one or two of the bigger banks, were dragging their feet", she explained. Interest expenses restricted at Rs. 1849.64 crores with 3.21 pc decrease over the previous quarter.

The aggregate business stood at Rs 95,135 crore as of March 31, 2017 from Rs 89,555 crore. The list stands at Rs 13,310 crore following fresh slippages in the March quarter.

Earlier, when announcing the results on Thursday, Jayakumar said that he didn't see the bank's bad loan numbers rising more than an additional Rs 3000 crore.

Total interest income increased by 10.36 per cent from Rs 42,942 crore in the fourth quarter of 2015-16 to Rs 47,393 crore in same period of 2016-17.

SBI made provisions of Rs 1,700 crore over and above the requirement.

SBI posted its quarterly results today.

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