India’s largest lender SBI sees 66 per cent slump in profits, hike in NPAs

State Bank of India’s (SBI) profits tanked as India’s largest lender posted 66 per cent slump in fourth quarter at Rs 1,263.81 crore.

The SBI had posted net profit of Rs 3,742.02 crore in the corresponding, January-March quarter of the previous fiscal 2014-15.

For financial year 2015-16 fiscal, SBI posted 24 per cent decline in net profit to Rs 9,950.65 crore and the bank’s net profit in 2014-15 stood at Rs 13,101.57 crore.

Regarding assets, SBI's total non-performing assets (NPAs) or bad loans rose to 6.5 per cent of gross advances as of March 2016, from 4.25 per cent a year ago.

In absolute terms, the gross NPAs reached Rs 98,172.80 crore, as against Rs 56,725.34 crore.

"Total income (standalone) has increased to Rs 53,526.97 crore for the quarter ended March 31, 2016 from Rs 48,616.41 crore for the same quarter year ago", SBI said in a regulatory filing.

In a separate filing to exchanges, SBI said the central board of the bank at a meeting held today has declared a dividend of 2.60 per cent for financial year 2015-16.