Bad loans pull down SBI profit by 67%

Mumbai, February 11 

State Bank of India today posted 67% decline in consolidated profit to Rs 1,259.49 crore for the third quarter ended December 31, 2015-16, on account of higher provisioning for bad loans.

The SBI Group had registered a net profit of Rs 3,828.20 crore in the October-December quarter of the 2014-15 fiscal.

On a standalone basis, the SBI net profit plummeted by 61.6% to Rs 1,115.34 crore for the third quarter of the current fiscal. It was at Rs 2,910.06 crore in the year-ago period.

However, total income of the bank rose to Rs 46,731 crore during the third quarter, from Rs 43,784 crore in the same period of last fiscal.

The total provisioning for NPAs jumped significantly to Rs 7,644.52 crore during the December quarter, up from Rs 5,327.51 crore in the corresponding period last fiscal. PTI