Country’s largest lender State Bank of India (SBI) on Friday reported a net profit of Rs 838 crore for Q4 of the last fiscal against a loss of Rs 7,718 crore year-on-year while seeing improvement in asset quality. The bank’s provisions were up on a quarterly basis.
According to a regulatory filing by the lender, it posted a net profit of Rs 838.40 crore for the quarter ended March 31, 2019. The bank’s provisions for NPAs were at Rs 17,336 crore against Rs 13,971 reported in the corresponding quarter of the previous fiscal. Its share price was up 2.94 per cent at Rs 308.05 apiece.
The bank had reported a loss of Rs 7,718 crore in a year ago period. In Q3 (October-December), the lender had posted a net profit of Rs 3,954.81 crore.
In Q4, its interest income was up 15 per cent on yearly basis to Rs 22,954 crore. Its provision coverage ratio was 78.73 per cent as on March 31, 2019 against 74.6 per cent reported in the corresponding quarter of the previous fiscal. Its operating profit was up 6 per cent at Rs 16,933 crore against Rs 15,883 crore in the year-ago period.
The bank’s gross NPA stood at Rs 1.72 lakh crore, 8.5 per cent down from Q3. Its net NPA was at 3 per cent, down 94 bps from Q3.
Its gross NPA for Q4 stood at 7.53 per cent against 8.71 per cent reported in the corresponding quarter of the previous fiscal.
The banks’ provisions and contingencies for Q4 stood at Rs 16,501.89 crore against Rs 6,006.22 crore in Q3 and Rs 28,096.07 crore in the year-ago period.