State Bank of India (SBI), the largest public sector lender, today reported a fall of 61.70% in standalone net profit to Rs 11.15 billion for the quarter ended Dec. 31, 2015 as compared to Rs 29.10 billion in the same period last year due to higher provisions for bad loans. Analysts, on average, expected SBI to report a profit of Rs 32.50 billion.
The total income increased by 6.73% to Rs 467.31 billion for the quarter ended Dec. 31, 2015 as compared to Rs 437.83 billion in the same period last year.
The bank has made provision for non-performing assets (NPAs) of Rs 76.45 billion, which was higher by 58.92% from prior year period to Rs 48.10 billion.
Net NPAs were at Rs 402.49 billion for the quarter ended Dec. 31, 2015, as compared to Rs 344.68 billion in the same period last year, representing a rise of 16.77%.
In percentage term, net NPAs were at 2.89% at the end of the quarter higher than 2.80% from last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 12.45% as on Dec. 31, 2015.
Shares of the company gained Rs 2.85, or 1.79%, to trade at Rs 161.80. The total volume of shares traded was 2,375,501 at the BSE (12.55 p.m., Thursday).