India’s largest lender SBI sees 66 per cent slump in profits, hike in NPAs
Advertisement
State Bank of India’s (SBI) profits tanked as India’s largest lender posted 66 per cent slump in fourth quarter at Rs 1,263.81 crore.
The SBI had posted net profit of Rs 3,742.02 crore in the corresponding, January-March quarter of the previous fiscal 2014-15.
For financial year 2015-16 fiscal, SBI posted 24 per cent decline in net profit to Rs 9,950.65 crore and the bank’s net profit in 2014-15 stood at Rs 13,101.57 crore.
Regarding assets, SBI's total non-performing assets (NPAs) or bad loans rose to 6.5 per cent of gross advances as of March 2016, from 4.25 per cent a year ago.
In absolute terms, the gross NPAs reached Rs 98,172.80 crore, as against Rs 56,725.34 crore.
"Total income (standalone) has increased to Rs 53,526.97 crore for the quarter ended March 31, 2016 from Rs 48,616.41 crore for the same quarter year ago", SBI said in a regulatory filing.
In a separate filing to exchanges, SBI said the central board of the bank at a meeting held today has declared a dividend of 2.60 per cent for financial year 2015-16.
Advertisement
The SBI had posted net profit of Rs 3,742.02 crore in the corresponding, January-March quarter of the previous fiscal 2014-15.
For financial year 2015-16 fiscal, SBI posted 24 per cent decline in net profit to Rs 9,950.65 crore and the bank’s net profit in 2014-15 stood at Rs 13,101.57 crore.
Regarding assets, SBI's total non-performing assets (NPAs) or bad loans rose to 6.5 per cent of gross advances as of March 2016, from 4.25 per cent a year ago.
In absolute terms, the gross NPAs reached Rs 98,172.80 crore, as against Rs 56,725.34 crore.
Advertisement
In a separate filing to exchanges, SBI said the central board of the bank at a meeting held today has declared a dividend of 2.60 per cent for financial year 2015-16.
Advertisement
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- 2 states where home prices are falling because there are too many houses and not enough buyers
- "To sit and talk in the box...!" Kohli's message to critics as RCB wrecks GT in IPL Match 45
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market