Mumbai: State Bank of
India (SBI), the country’s biggest lender, posted a massive 66 percent fall in
its net profit in the March quarter, weighed down by higher provisions for bad
loans, which jumped to a staggering Rs 1 lakh crore.
SBI’s bad loans are
nearly four times that of its private sector counterpart ICICI Bank, which had
reported non-performing loans worth Rs 26,000 crore at the end of the March
quarter. SBI set aside Rs 12,140 crore as provisions for bad loans in Q4,
leading to a sharp drop in its profitability at Rs 1,264 crore as compared to
Rs 3,742 crore in the year-ago period. SBI’s profit drop was higher than
analysts’ expectations.
Siddharth Purohit,
senior equity analyst at Angel Broking said SBI's bottom line was supported by
higher other income, while asset quality further deteriorated. “Gross slippages
for the quarter stood at more than Rs 30,000 crore which is higher than what
the Street and we were expecting,” he added.
However, SBI’s numbers
were better than its other state-run peers, most of which have reported huge
losses in the March quarter. So far, 13 state-run banks have posted combined
losses of around Rs 25,000 crore in Q4 due to a surge in provisions for bad
debt after a clean-up ordered by their regulator, Reserve Bank of India.
Arundhati Bhattacharya,
chairman and managing director of SBI, assured investors that the entire impact
of asset quality review ordered by RBI has been accounted for in the previous
two quarters. This means that the worst of asset quality problems may be behind
SBI, analysts said. SBI shares closed 6.4 percent higher at Rs 195.90,
outperforming the 1.1 percent gain in the broader Nifty.
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