SBI Q4 net more than doubles to Rs 2815 cr

Representational Image

Representational Image

She added that SBI has already made an additional Rs 1,700 crore of extra provisioning over and above the regulatory requirements, in their NPAs accounts. The company's general insurance arm, Bajaj Allianz General Insurance posted profit after tax at Rs 165 crore as against Rs 208 crore.

The SBI's net profit was Rs 1,264 crore in the same period in 2016.

State Bank of India (SBI) more than doubled its net profit to Rs 2,815 crore in the March 2017 quarter, on the back of lower provisions.

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Gross bad loans as a percentage of total loans fell to 6.9 per cent in March from 7.23 per cent in December. Net NPA ratio stood at 3.71% as on 31 March 2017, as against 4.24% in the preceding quarter and 3.81% in January - March 2016 quarter. Net interest income for the fourth quarter ending March 31, 2017 grew by 22.71 per cent to Rs 579.99 crore from Rs 472.65 crore.

Jayakumar said Bank of Baroda has created a stressed asset management group where large ticket accounts are directly managed.

Provisions towards bad loans declined 9 percent to Rs 10,993 crore while towards standard loans it declined by over 70 percent to Rs 289 crore during the quarter. It would be looking at reducing exposure to the corporate sector from 65% of its total loan book at present to 50% for risk mitigation.

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On NPA assets, Bhattacharya said the NCLT is open to the bank. "But it may invoke PCA".

According to her, the biggest thing that was done just after the quarter was merger of its five associates and Bhartiya Mahila Bank with it.

SBI's standalone total income for the quarter ended March 2017 jumped 7.83% to Rs 57,720.07 crore, from Rs 53,526.97 crore in the corresponding quarter previous year. Bajaj Finance Q4 net up 43%. The credit quality suffered the most in the two- and three-wheeler category.

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It also expected its decision to operate Scoot and Tiger under the Scoot brand to deliver advantages. Group revenue fell 2.4% year-over-year (YOY) to S$14.9 billion for the financial year.

Under Basel III, the bank's capital adequacy ratio stood at 11.14 percent with the Tier-1 capital at 8.94 percent as on March 31 and its capital adequacy ratio as per Basel II was at 11.68 percent as on March 31. Interest expenses restricted at Rs. 1849.64 crores with 3.21 pc decrease over the previous quarter.

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