JOIN USSBI profits more than double in Q4 to Rs 2,815 crore
Aided by a drop in provisions, State Bank of India (SBI), more than doubled its standalone profits for the quarter ended March 31, 2016 to Rs 2,815 crore, compared with Rs 1,264 crore in the same quarter previous fiscal.
Provisions for the bank during the quarter declined 9.44% to Rs 10,992.92 crore, against Rs 12,139.17 crore in Q4FY16.
Asset quality for the bank nearly remained stable with gross non-performing assets (NPA) declining on a sequential basis but rising on year on year (Y-o-Y) basis at Rs 1.12 lakh crore (6.9% of total loans), compared with Rs 1.08 lakh crore (7.23% of total loans) in the sequential quarter (Q3FY17) and Rs 98,172.80 crore (6.5% of total loans) in the same period previous fiscal.
Net NPAs, however, declined marginally on a sequential as well as Y-o-Y basis. The bank reported net NPA of Rs 58,277.38 crore (3.71% of total loans) in the current quarter, against Rs 61,430.45 crore (4.24% of total loans) in the sequential quarter and Rs 55,807.02 crore (3.81% of total loans) in Q4FY16.
However, on a consolidated basis, the group's asset quality declined for the year ended March 31, 2017. Gross NPA ratio for SBI Group increased to 9.04% as of March 2017 from 6.4% as on March 2016 while net NPA ratio increased to 5.15% as of March 2017 from 3.73% as of March 2016. Net profit of SBI Group declined to Rs 241 crore in FY17 from Rs 12,225 crore in FY16.
Deposits of the bank grew 18.14% to Rs 20.44 lakh crore for the year ended March 2017 from Rs 17.3 lakh crore for the year ended March 2016. The board of SBI declared a dividend of Rs 2.60 per share or 260% for the year.
Savings bank deposits for the bank increased 27.81% to Rs 7.43 lakh crore compared with Rs 5.81 lakh crore in FY16.