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State Bank of India Q4 net profit more than doubles

19 May, 2017 10:12 AM
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The State Bank of India (SBI) on Friday reported 123% increase in its net profit to ₹2,815 crore for the quarter ended March, driven by healthy growth in net interest income and a lower base.

The net Interest Income increased by 17.33%, from ₹5,401 crore to ₹18,071 crore during the year under review.

However, the non-Interest Income decreased marginally by 2.43%, from ₹10,585 crore in Q4FY16 to ₹10,327 crore in Q4FY17.

"The major contributors [of non- Interest Income] were Profit on Sale of Investments, Fee Income, Forex Income and Recovery in Written-Off Accounts," the SBI said.

The bank's Net Interest Margin from domestic operations declined by 16 basic points year-on-year to 3.11% as on March 17 from 3.27% as on March 16 and increased by 8 basic points sequentially from 3.03% as on December 16.

Its gross non-performing assets (NPA) ratio improved on a sequential basis to 6.90% in end March, compared to 7.23% in December. The ratio was 6.50% in March, 2016.

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