SBI profit slumps by 34 percent in Q3

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Mumbai, Feb 14 (IANS) 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 percent.

SBI’s non-performing loans or bad loan as proportion of total assets rose to 5.7 percent during the quarter under review as compared to 5.6 percent 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 percent to Rs.1475.10 at the Bombay Stock Exchange (BSE) Friday.

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