Kolkata, May 19 (IANS) India’s largest public sector State Bank of India on Friday reported a 122.72 per cent increase in its net profit to Rs 2,815 crore in the last quarter of 2016-17 fiscal ended March 31.
The SBI’s net profit was Rs 1,264 crore in the same period in 2016.
The bank’s total income in the quarter under review was at Rs 57,720.07 crore, up 7.8 per cent from Rs 53,526.97 crore in the corresponding period of the previous fiscal, the lender said in a regulatory filing.
The bank’s net interest income rose by 17.33 per cent to Rs 18,071 crore in the last quarter of the last fiscal from Rs 15,401 crore in the corresponding period of previous fiscal.
Its operating profit increased by 12.93 per cent to Rs 16,026 in three months ended March 31, from Rs 14,192 crore in corresponding period of previous fiscal.
Deposits of the bank increased to Rs 20,44,751 crore as on March 17, up by 18.14 per cent year-on year from Rs 17,30,722 crore, it said in a statement.
Gross advances increased by 7.8 per cent from Rs 15,09,500 crore as on March 16 to Rs 16,27,273 crore as on March 17.
Large corporate advances rose 3.59 per cent from Rs 3,30,136 crore as on March of previous fiscal to Rs 3,41,990 crore as on last March.
The lender said its gross non performing assets (NPAs) increased to Rs 1,12,343 crore as on March 31, from Rs 98,113 crore in the year ago, while its gross NPA ratio stood at 6.9 per cent in March 2017.
The state lender reduced loan loss provisions by 9.44 per cent to Rs 10,993 crore in the three months ended March as compared to Rs 12,139 in the year-ago period.
Return on assets declined marginally by five basis points to 0.41 per cent as on March 2017, from 0.46 per cent in the year-ago.