11:07 PM
SBI's profit dips to Rs 3,041 crore
THE country's largest bank SB1 today reported a 7.83 percent decline in net profit for the quarter ended March. 2014 at Rs 3.041 crore on higher provisioning for bad loans and future wage revision. State Bank of India (SBI) had reported a net profit of Rs 3.299 crore on standalone basis in the January-March quarter of the previous fiscal.
The total income rose to Rs 42.443 crore for the period under review from Rs 36,331 crore in the same period a year ago. SBI said in a statement. Net interest income rose by 16.4 per cent to Rs 12.903 crore. Provisions for bad loans surged to Rs 5.884 crore, 48.05 per cent higher than Rs 3.974 crore in the year-ago period.
The total provisioning for the full year stood ai Rs 7.587 crore. 70.06 per cent higher than Rs 4,461 crore in the previous year.
SBI Chairperson. Arundhati Bhattacharya said the decline in profit was due to higher provisioning for bad loans and future wage revision. She said for the first time SBI had decided to adopt some quantitative changes in risk management for improving the asset quality. Regarding NPA control, she said (hat hank had created certain committees to look at accounts showing stress.
The stressed sectors of the bank were engineering, textiles, pharmaceuticals and services, she said.
The total income rose to Rs 42.443 crore for the period under review from Rs 36,331 crore in the same period a year ago. SBI said in a statement. Net interest income rose by 16.4 per cent to Rs 12.903 crore. Provisions for bad loans surged to Rs 5.884 crore, 48.05 per cent higher than Rs 3.974 crore in the year-ago period.
The total provisioning for the full year stood ai Rs 7.587 crore. 70.06 per cent higher than Rs 4,461 crore in the previous year.
SBI Chairperson. Arundhati Bhattacharya said the decline in profit was due to higher provisioning for bad loans and future wage revision. She said for the first time SBI had decided to adopt some quantitative changes in risk management for improving the asset quality. Regarding NPA control, she said (hat hank had created certain committees to look at accounts showing stress.
The stressed sectors of the bank were engineering, textiles, pharmaceuticals and services, she said.
Posted in: News 2014
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