State Bank of India (SBI), the largest public sector lender, today reported a fall of 35.08% in standalone net profit to Rs 22.34 billion for the quarter ended Dec. 31, 2013 as compared to Rs 33.96 billion in the same period last year. Analysts had expected profit of Rs 25 billion.
Total income increased by 14.91% to Rs 190.61 billion for the quarter ended Dec. 31, 2013 as compared to Rs 339.92 billion in the same period last year.
The bank has made provision of Rs 34.29 billion, which was 23.95% higher than the same period last year. Provision coverage ratio of the bank stood at 58.32% as on Dec. 31, 2013.
Net NPA was at Rs 371.67 billion for the quarter ended Dec. 31, 2013, as compared to Rs 253.70 billion for the quarter ended Dec. 31, 2012, representing a sharp increase of 46.5%.
Meanwhile in percentage term, net NPA increased to 3.24% as on Dec. 31, 2013 from 2.59% as on Dec. 31, 2012.
Capital adequacy ratio (CAR) under Basel III of the bank was at 11.59% as on Dec. 31, 2013.
Net Interest Income increased from Rs 111.76 billion in Q3FY13 to Rs 126.41 billion in Q3FY14, a YoY growth of 13.10% as against 3.48% in Q1FY14 and 11.64% in Q2FY14.
Domestic Net Interest Margin increased sequentially to 3.51% for Q3FY14 from 3.49% for Q2FY14.
Shares of the bank declined Rs 17.55, or 1.17%, to trade at Rs 1,482.10. The total volume of shares traded was 510,239 at the BSE (1.27 p.m., Friday).