State Bank Of India reports net income of Rs 4,709 crore against loss of Rs 1,886 crore

The nation's largest lender State Bank of India Friday reported a consolidated net income of Rs 4,709.15 crore in the December quarter against a net loss of Rs 1,886.57 crore in the same period previous fiscal.

Total income on a consolidated basis rose to Rs 84,350.11 crore from Rs 74,190.87 crore, the bank said in a regulatory filing.

Gross non-performing assets (NPA) of the bank massively improved to 8.71 per cent of the gross advances from 10.35 per cent a year ago, helping it bring down net NPAs to 3.95 per cent from 5.61 per cent.

This had the provisions for bad loans coming down massively to Rs 14,143.74 crore during the quarter, from Rs 17,963.77 crore in the same period a year ago, while total provisions came down by two-thirds to Rs 6,355.98 crore from Rs 19,097.52 crore.

On a standalone basis, the bank's net profit stood at Rs 3,954.81 crore against a net loss of Rs 2,416.37 crore.

Shares of the bank were trading down over 2.2 per cent at Rs 287 on the BSE against a marginal gain of 0.14 per cent on the benchmark at 1408 hrs.