State Bank of India (SBI), the largest public sector lender, today reported a fall of 66.22% in standalone net profit to Rs 12.64 billion for the quarter ended Mar. 31, 2016 as compared to Rs 37.42 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 19.16 billion.
The total income increased by 10.10% to Rs 535.27 billion for the quarter ended Mar. 31, 2016 as compared to Rs 486.16 billion in the same period last year.
The bank has made provision for non-performing assets (NPAs) of Rs 121.39 billion, which was higher by 143.47% from prior year period to Rs 49.85 billion.
Net NPAs were at Rs 558.07 billion for the quarter ended Mar. 31, 2016, as compared to Rs 275.90 billion in the same period last year, representing a gained of 2.02 times.
In percentage term, net NPAs were at 0.23% at the end of the quarter higher than 0.76% from last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 13.12% as on Mar. 31, 2016.
Shares of the company gained Rs 1.75, or 0.95%, to trade at Rs 185.50. The total volume of shares traded was 6,266,003 at the BSE (1.49 p.m., Friday).