State Bank of India (SBI) has posted a 33 per cent
drop in net profit at Rs 3,072.77 crore for the quarter ended September 30 after higher
provisioning for bad debts. The country's largest bank had posted a profit of Rs 4,575.31 crore a year earlier.
Provisions for
non-performing assets (NPAs) during the quarter rose to Rs 2,645.40 crore against Rs 1,837.19 crore in the same period of the previous financial year.
This is SBI's first earnings after Arundhati Bhattacharya took over as Chairperson on October 7.
Total
income on a consolidated basis rose to Rs 53,118.63 crore from Rs 49,917.47 crore in the same period a year ago, SBI said in a filing to the Bombay Stock Exchange.
On a standalone basis, its profit declined 35 per cent to Rs 2,375 crore from Rs 3,658.1 crore. Total income was Rs 37,199.92 crore against Rs 32,953.47 crore in the same period a year ago.
As of September 30, the bank's gross NPAs deteriorated to 5.64 per cent of gross advances, compared with 5.15 per cent year a year ago. Net NPAs rose to 2.91 per cent from 2.44 per cent.
SBI shares were trading at Rs 1,724.90, up 2.95 per cent, on BSE in afternoon trade.
PHOTO: Reuters 
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