New Delhi: Country's largest bank SBI on Thursday reported a 18.54 percent decline in net profit at Rs 3,299 crore for the fourth quarter ended March 31, 2013 on account of lower interest income, causing its shares to plummet over 7 percent on the bourses.
     
State Bank of India (SBI) had a net profit of Rs 4,050.27 crore in the January-March quarter of 2012-13 fiscal.
     
The standalone total income of the bank rose to Rs 36,331 crore during the quarter, from Rs 33,959 crore in the corresponding period a year ago, SBI said in a statement.
    
The net interest income of the bank declined 4.42 percent to Rs 11,591 crore during the fourth quarter.
     
The gross Non-performing Assets (NPAs), which represents portion of bad loans, stood at Rs 51,189 crore at the end of March, up from Rs 39,676 crore in the year ago period.
     
The gross NPA as a percentage of total loan rose to 4.75 percent during the quarter, from 4.44 percent in the year ago period. The net NPA was at 2.10 percent of loans in the March quarter.
     
For full fiscal (2013-14), the bank reported a 20 percent rise in net profit at Rs 14,105 crore. It was higher than Rs 11,707 crore in the 2012-13 fiscal.
     
Shares of SBI fell 7.24 percent in the afternoon trade to Rs 2,193.20 apiece on the BSE.

(Agencies)

Latest News  from Business News Desk