State Bank of India’s net profit fall to Rs2,234 crore mainly on higher provisions for bad loans and increased staff expenses
State Bank of India (SBI), the country's largest lender, reported a 34% fall in its third quarter net profit mainly on higher provisions for bad loans and increase in staff expenses.
For the quarter to end-December, the state-run lender, said its net profit fell to Rs2,234 crore from Rs3,396 crore. SBI's net interest income (NII), the difference between interest earned and expended, increased 13% to Rs12,641 crore from Rs11,176 crore while other income rose 16% to Rs4,190 crore from Rs3,627 crore, same period last year.
SBI said during the quarter its bad loan provisions grew 24% to Rs3,429 crore from Rs2,766 crore, while gross non-performing assets (NPAs) increased 5.73% from 5.3%, a year ago period. Its net NPA also rose to 3.24% as against 2.59% recorded during third quarter FY2013.
The lender's staff expenses in the December quarter, including payment and contribution to employees increased 34.8% to Rs5,867 crore from Rs4,351 crore, a year ago period.
Here are the details of profit and loss account of SBI...
SBI closed Friday 1.6% down at Rs1475 on the BSE, while the 30-share Sensex ended the day marginally up at 20,326.
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