SBI profit slumps by 34 per cent in Q3

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Mumbai, Feb 14: The country’s largest lender State Bank of India (SBI) Friday reported 34 percent slump in its net profit for the third quarter of the current financial year.

The bank posted a net profit of Rs 2,234.34 crore for the quarter ended Dec 31, 2013 as compared to Rs 3,396.06 crore posted in the corresponding quarter of last year, registering a decline of 34.20 per cent. SBI’s non-performing loans or bad loan as proportion of total assets rose to 5.7 per cent during the quarter under review as compared to 5.6 per cent posted in the previous quarter.  The rise in bad loans has affected the bank’s profitability. This is fourth consecutive quarters of drop in SBI’s net profit.

The bank’s Total Income has increased from Rs 339921.10 million for the quarter ended December 31, 2012 to Rs 390607.60 million for the quarter ended December 31, 2013. The share price of SBI fell by 1.64 per cent to Rs 1475.10 at the Bombay Stock Exchange (BSE) Friday. IANS