Business

SBI Q1 net profit rises 6% to Rs 4,714 crore

Mumbai,August 11: State Bank of India today reported a 5.9 per cent increase in net profit at Rs 4,713.57 crore for the first quarter ended June on the back of a decline in bad loans.

The country's largest bank registered a consolidated net profit of Rs 4,448.15 crore in the same quarter last year.

Total income rose to Rs 62,927.46 crore, from Rs 60,620.93 crore in April-June of 2014-15.

The bank's provisions for bad loans fell to Rs 3,358.58 crore as against Rs 3,903.41 crore in the year-ago period.

At the same time, its gross non-performing assets (NPAs) dropped to 4.29 per cent of total advances at the end of June, against 4.90 per cent a year ago.

On a standalone basis, the bank's net profit increased by 10.2 per cent to Rs 3,692.43 crore for the quarter under review as against Rs 3,349.08 crore a year ago.

Total income was up at Rs 44,730.87 crore during the quarter,against Rs 40,739.21 crore in the year-ago period.

In value terms, SBI's gross NPAs slumped to Rs 56,420.77 crore during the June quarter, from Rs 60,434.24 crore on a yoy basis.

Net NPAs of the bank declined to Rs 28,669.14 crore at the end of the first quarter, against Rs 31,883.80 crore in the year-ago period.

Following the announcement of results, shares of SBI were trading 3.25 per cent down at Rs 273.90 on BSE. .

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