SBI Q4 net surges 23% to Rs3,742 cr; to pay 350% dividend

22 May 2015


State Bank of India, the country's largest lender, has reported a nearly 23 per cent increase in net profit, at Rs3,742 crore, for the quarter ended March 31, 2015. Standalone net profit for the corresponding period last year stood at Rs3,040 crore.

Total income (net interest income and other income) increased by nearly 15 per cent to Rs48,616 crore from Rs42,443 crore.

SBI said the bank could limit losses in the wholesale or corporate banking operations at Rs1,210 crore against Rs2,071 crore in the year-ago quarter.

Its treasury operations, however, reported a 118 per cent increase in profit to Rs2,739 crore against Rs1,257 crore in the year-ago period.

Profits in retail banking operations were down by a little over 32 per cent at Rs4,208 crore for the January-March 2015 period against Rs6,234 crore in the January-March 2014 period.

For the full year ended 31 March 2015, SBI reported a 20 per cent increase in standalone net profit at Rs13,102 crore (Rs10,891 crore in the previous fiscal).

Total income for the year increased nearly 13 per cent to Rs1,74,973 crore from Rs1,54,904 crore reported in the year-ago period.

For 2014-15, the bank's board has declared a dividend of Rs3.50 a share of face value of Rs1 each.

During the January-march 2015 quarter SBI said its gross non-performing assets (as per cent to advances) improved to 4.25 per cent from 4.95 per cent in the year-ago quarter.

Gross NPAs stood at Rs56,725 crore (Rs61,605 crore), while net NPAs came down to Rs27,591 crore from Rs31,096 crore.

Net NPA per cent also improved by 45 basis points to 2.12 per cent against 2.57 per cent in the year-ago period.

"This has been a year of consolidation. Consolidation has been done not just in regular line of businesses; but we have also explored new digital business opportunities," Arundhati Bhattacharya, Chairman, SBI, said.

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