SBI profit declines by 13.6% in April-June

State Bank of India Monday reported 13.6 per cent decline in standalone net profit to Rs 3,241.08 crore for the quarter ended June 30, 2013, due to increased provisioning for rising non-performing assets.

The country’s largest bank had a standalone net profit of Rs 3,752 crore in the same quarter last year.

Total income increased to Rs 36,192.62 crore in the quarter, from Rs 32,415 crore in the same period a year ago.

The bank’s gross non-performing assets (NPAs) rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.

Shares of SBI were trading down by 2.65 per cent at Rs 1,617.35 on the Bombay Stock Exchange (BSE) in afternoon.

On consolidated basis, SBI’s net profit fell by 12 per cent to Rs 4,298.56 crore for the quarter ended June 30, from Rs 4,874.7 crore in the same period a year ago.

Total income on consolidated basis increased to Rs 52,502.29 crore as against Rs 46,839 crore in the April-June quarter of 2012-13.

In value terms, SBI’s Gross NPAs increased to Rs 60,891.46 crore (5.56 per cent of loans) during the June quarter, from Rs 47,156.38 crore (4.99 per cent) in the corresponding period a year ago.

Net NPAs of the bank rose to Rs 29,989.84 crore (2.83 per cent) at the end of the first quarter, as against Rs 20,324.01 crore (2.22 per cent) in the year ago.

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