Rising provision for bad loans have restricted State Bank of India’s net profit to a nominal increase of 3.3 per cent at Rs 3,349.08 crore for the quarter ended June 30.
The country’s largest bank had a standalone net profit of Rs 3,241.08 crore in the same quarter last year.
Total income increased to Rs 40,739.21 crore during the quarter, against Rs 36,192.62 crore in the year-ago period, the bank said in a BSE filing.
Provision for bad loans increased to Rs 3,903.41 crore as against Rs 2,265.83 crore a year earlier, registering an increase of 72 per cent.
However, the bank’s gross non-performing assets (NPAs) declined to 4.90 per cent of total advances at the end of June, against 5.56 per cent a year-ago.
During the quarter, the net interest income increased 15.12 per cent to Rs 13,252 crore as against Rs 11,512 crore in the April-June period of last fiscal.
On a consolidated basis, the bank’s net profit increased 3.4 per cent to Rs 4,448.15 crore for the quarter ended June 30, against Rs 4,298.56 crore in the year-ago period.
Total income increased to Rs 60,620.93 crore as against Rs 52,502.29 crore in the April-June quarter of 2013-14.
Net Profit of the 5 associate banks declined to Rs 702 crore from Rs 837 crore, a fall of 16.09 per cent on an annual basis.
The associate banks of SBI are State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.
Among these, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed entities.