India’s largest lender the State Bank of India (SBI) has witnessed net profit of Rs 838.4 crore for quarter four that ended on March 31, 2019. The bank had earlier reported a loss of Rs 7,718 crore a year ago in the corresponding period.
It’s operating profit also inflated by 6 percent at Rs 16,933 crore as compared to Rs 15,883 crore, Year on Year.
The net interest income (NII) of the lender increased to 14.9 percent to Rs 22,954 crore as compared to Rs 19,974 crore.
The company’s gross Non-Performing Assets (NPAs) declined at 7.53 percent against 8.71 percent, while net NPA dropped at 3.01 percent versus 3.95 percent, Quarter-on-Quarter.
In absolute terms, the gross NPA declined to Rs 1.72 lakh crore from Rs 1.88 lakh crore, while net NPA slipped to Rs 65,895 crore against Rs 80,944 crore, QoQ.
Further, the bank’s provision coverage ratio was reported at 78.73 percent as compared to 74.6 percent.
Besides, provisions for bad loans was at Rs 17,336 crore as compared to Rs 13,971 crore in the previous quarter and Rs 24,080 crore in the corresponding quarter of last year.