SBI Q4 profit up 23% to Rs 3,742 cr

FY15 net up 20.3% to Rs 13,102 crore

State Bank of India has reported a 23.06 per cent increase in net profit for the fourth quarter ended March 31, 2015, at Rs 3,742 crore as against Rs 3,041 crore in the same quarter of the previous fiscal.

Net interest income for the bank during the quarter grew 14.02 per cent to Rs 14,711 crore compared with Rs 12,903 crore in Q4 of FY15. Gross non performing assets (NPAs) for the bank declined to 4.25 per cent in the fourth quarter as against 4.9 per cent in the third quarter of the current fiscal, and 4.95 per cent in the fourth quarter of the previous fiscal. Net NPAs fell to 2.12 per cent in the reported quarter against 2.8 per cent in the sequential quarter and 2.57 per cent the year before.

“Restructuring during the quarter stood at Rs 11,800 crore. Write-offs in the quarter stood at Rs 4,874 crore mainly on account of 2-3 large sales to asset reconstruction companies (ARCs),” SBI chairman Arundhati Bhattacharya said in Kolkata. For the full fiscal, net profit for the bank increased 20.3 per cent to Rs 13,102 crore from Rs 10,891 crore in FY14. Net interest income for FY15 grew 11.63 per cent to Rs 55,015 crore as against Rs 49,282 crore in FY14, the bank said.

The board of directors of the bank has declared a dividend of Rs 3.50 per share for the accounting year ended March 31, 2015. Shares of the state-owned bank ended down over 2 per cent at Rs 282.45 on BSE with volumes of 95.41 lakh shares. According to Bhattacharya, the bank is continuously looking at exploring new business opportunities and organisational restructuring. “We have tried to explore new business opportunities and started with the digital journey. SBI also has done tie-ups with Amazon, Snapdeal, and PayPal and many more are in the offing,” Bhattacharya said.

The organisation has been restructured and now we have sought nod for two more managing directors. We will constantly keep looking at new opportunities, clean up balance sheet, doing recoveries and ensuring change in products and processes, she added. Net profit of all associate banks increased by 15.23 per cent to Rs 3,200 crore in FY15 from Rs 2,777 crore in FY 14. Net profit after minority interest of SBI Group increased 19.9 per cent to Rs 16,994 crore in FY15 from Rs 14,174 crore in FY14.

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