SBI`s Q4 net profit declines 66% on higher provisioning for bad loans

Zee Media Bureau

The State Bank of India (SBI) on Friday posted 66 percent decline in standalone net profit to Rs 1,264 crore for the fourth quarter (Q4) ended March 31, 2015, on account of higher provisioning for bad loans.

The SBI Group had registered a net profit of Rs 3,742 crore in the January-March quarter of the 2014-15 fiscal.

The total provisioning for non-performing assets jumped by 89.73 percent to 13,174.05 crore during the January-March quarter, up from Rs 6,943.31 crore in the corresponding period last fiscal.

Its net non-performing assets (NPA) or bad loans as a percentage of net advances during the fourth quarter(Q4) rose to 3.81 percent from 2.12 percent in the period a year earlier.