India’s largest bank’s profits after tax slipped by 61% in Q3!

India’s largest bank’s profits after tax slipped by 61% in Q3!State Bank of India (SBI) has reported a net profit of Rs 1,115 crore for the September to December 2015, which is way below Rs 3,270 crore, the figure that an ET now poll had predicted.

The profits of the bank in the said quarter have fallen 61% down as compared to Sep-Dec 2014, because of a sharp rise it made in its bad loans provisions. On the other hand, the bank’s shares were traded at Rs 163 up 2.5% over what closed down on Wednesday.

The bank's gross NPAs touched Rs 72,792 crore (or 5.1%) of the total loans it has, which fell to 2.8% after making provisions of Rs 7,949 crore.
While bank’s total advances rose 7% to Rs 13.9 lakh crore, the deposits rose 6% to Rs 16.9 lakh crore.
Advertisement


Image source