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

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       State Bank of India, the country’s largest lender today reported a 5.9% increase in net profit at Rs 4,713.57 crore for the first quarter ended in June, 2015. In the same quarter last year, it registered a consolidated net profit of Rs 4,448.15 crore. The total income rose to Rs 62,927.46 crore, from Rs 60,620.93 crore in the time period of 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 previous year. At the same time, its gross non-performing assets (NPAs) dropped to 29 per cent of total advances at the end of June, against 4.90 per cent in the previous fiscal.
  • In value terms, SBI’s gross NPAs slumped to Rs 56,420.77 crore during the June quarter, from Rs 60,434.24 crore. The Net NPAs declined to Rs 28,669.14 crore (2.24 per cent) at the end of the first quarter, against Rs 31,883.80 crore (2.66 per cent) in the year-ago period.
  • On the other hand, the bank’s net profit increased by 10.2 per cent to Rs 3,692.43 crore for the quarter as against Rs 3,349.08 crore a year ago. And total income was up at Rs 44,730.87 crore during the quarter, against Rs 40,739.21 crore in the year-ago period.
  • During the first quarter, the interest earned by SBI rose to Rs 39,642.89 crore compared to Rs 36,487.12 crore in the same period a year ago. Most importantly, The Capital adequacy ratio as per Basel III norms came down to 12% at the end of June 30 as against 12.33% at the end of the first quarter last fiscal.