JOIN USState Bank of India has reported a 134% increase in net profit for the quarter ended December 31, 2016 at Rs 2,610 crore compared with Rs 1,115 crore in the same period last year.
This is the best quarterly performance by the state-owned bank in nearly five quarters. Net interest income for the bank during the quarter increased by 7.7% to Rs 14,752 crore in Q3FY17 from Rs 13,697 crore in Q3FY16, the bank said.
Asset quality for the bank witnessed a marginal deterioration during the quarter. Gross non performing assets (NPAs) for the bank stood at 7.23% against 7.14% in the sequential quarter (Q2FY17) and 5.1% in the same quarter previous fiscal. Net NPAs for the bank during the quarter were at 4.24% against 4.19% in Q2FY17 and 2.89% in the comparable period previous fiscal.
On a consolidated basis, gross NPA ratio for SBI Group increased to 8.65% as on December 2016, from 5.12% as on December 2015, while net NPA ratio increased to 5.30% as on December 2016, from 2.89% as on December 2015.
Other income for the bank increased 58.73% to Rs 9,661.92 crore from Rs 6,086.97 crore in the same period last year. This included gains of Rs 1,755 crore on sale of 3.9% stake of held by SBI in SBI Life Insurance Company. KKR and Temasek had acquired around 4% stake in SBI Life Insurance last year for Rs 1,800 crore.