SBI Q4 profit up 23% at Rs 3,742 crore on improved asset quality

SBI today reported 23% jump in standalone net profit at Rs 3,742.02 crore in the fourth quarter ended March 2015 on improvement in its asset quality.

The country's largest bank had made a net profit of Rs 3,040.74 crore during the same quarter a year ago.

Total income of the bank also increased to Rs 48,616.41 crore in the last quarter of FY15, from Rs 42,443.27 crore in the same quarter a year ago, State Bank of India (SBI) said in a filing to the BSE.

The bank has recommended a dividend of 350% or Rs 3.50 per share for the year ended March 2015.

During January-March quarter of 2014-15, the bank's asset quality improved as net non-performing assets (NPAs) or bad loans were trimmed to 2.12% of net advances as against 2.57% at the end of previous fiscal.

At the same time, gross NPAs also came down to 4.25% of gross advances, from 4.95% at the end of March 2014.

During the quarter, total provisioning and contingencies of the bank were high at Rs 6,592.91 crore from Rs 5,891.12 crore a year ago.

For the entire fiscal ended March 2015, SBI's net profit increased 20% to Rs 13,101.57 crore as compared to Rs 10,891.17 crore for the year ended March 2014.

Total income on a standalone basis increased to Rs 1,74,972.96 crore from Rs 1,54,903.72 crore for the year ended March 2014.

SBI Group's consolidated net profit rose 20% to Rs 16,994.30 crore during the fiscal under review as compared to Rs 14,173.77 crore in the previous fiscal.

The bank's scrips were trading 0.98% higher at Rs 292.20 per unit during afternoon session on the BSE.