SBI Q4 net profit more than doubles to Rs 2,815 crore

The country's largest lender SBI on Friday reported more than doubling of its net profit at Rs 2,814.82 crore for the March quarter. 

The public sector bank had registered a standalone net profit of Rs 1,263.81 crore in the same period a year ago. However, for the year ended March 2017, SBI's consolidated net profit declined by about 98% to Rs 241.23 crore from Rs 12,224.59 crore at the end of 2015-16.

Total income on a standalone basis for the March quarter increased 7.8% to Rs 57,720 crore from Rs 53,526.97 crore in the year-ago period, it said in a BSE filing.

Gross non-performing assets rose to 6.9% in January-March 2017 from 6.5% in the fourth quarter of 2015-16. However, net NPA declined to 3.71% as against 3.81% a year ago.

For the full fiscal, total income increased by 9.2% to Rs 2,98,640.45 crore from Rs 2,73,461.13 crore at the end of 2015-16.

Shares of SBI were trading at Rs 306.85 a unit, up 1.29% compared to previous close, at 1231 hrs on BSE.