Calcutta, May 23 (PTI) : State Bank of India, the country’s largest commercial bank, on Friday reported an eight per cent decline in its net profit for the fourth quarter of the year to March 31, 2014.
The bank said net profit was Rs 3,041 crore in the fourth quarter of 2013-14, against Rs 3,299 crore in the same quarter of the previous year.
For the full year to March 31, 2014, net profit was down by 23 per cent to Rs 10,891 crore. It had reported a net profit of Rs 14,105 crore in 2012-13.
Total income rose to Rs 42,443 crore in Q4, 2013-14, from Rs 36,331 crore in the year ago period, SBI said.
The net interest income rose by 16.4 per cent to Rs 12,903 crore, from Rs 11,591 crore in the fourth quarter of the last fiscal.
Provisions against bad loans increased significantly in Q4 to Rs 5,884 crore from Rs 3,974 crore in the year-ago period.
The gross non-performing assets (NPAs) as a percentage of total loan rose to 4.95 per cent during the quarter, from 4.75 per cent in the year ago period.
The net NPA also increased to 2.57 per cent as compared to 2.10 per cent in the March 31, 2013.
The gross NPA, which represents portion of bad loans, stood at Rs 61,605 crore at the end of March, up from Rs 51,189 crore in the year ago period.
It declared a final dividend of Rs 30 per shares or 300 per cent for 2013-14.
The SBI scrip was down 2.79 per cent at Rs 2,582 in afternoon trade on the BSE.