India's largest lender State Bank of India (SBI)
on Friday reported a forecast beating net profit of Rs 4,050 crore for the
fourth quarter (Jan-March) of FY12 as against Rs 21 crore a year ago,
aided by higher interest income and lower provisioning for non-performing
loans. Analysts on an average had expected profit at Rs 3,580 crore.
However, the exponential year-on-year jump in its net
profit is not comparable. In Q4, FY11, the lower net profit was on account
of higher provisions for loans and gratuity payments. It was the first quarter
for the bank's existing chairman Pratip Chaudhuri, who had succeeded O P Bhat.
Net interest income (NII) or the difference between interest
earned and paid out, jumped more than 45% y-o-y to Rs 11,704 crore. Other
income rose 9% y-o-y to Rs 5264 crore.
During the quarter, provisions for non-performing assets
fell 13% y-o-y to Rs 2,837 crore. The same fell by nearly 6% sequentially (Q4
vs Q3).
Net non-performing asset (NPA) ratio declined to 1.82% as
against 2.22% in the October-December quarter while the gross NPA ratio fell
from 4.61% to 4.44% during the same period.
SBI's standalone net profit climbed nearly 42% to Rs 11,707
crore for the year ended March 31, 2012. Its loan book expanded nearly 15%
y-o-y to Rs 8.68 lakh crore. This was slighly below than the RBI's projection
of 16% credit growth for the entire industry in FY12.
Deposits grew by 12% y-o-y to Rs 10.44 lakh crore as against
14% industry growth projected by RBI in FY12.
Capital adequacy ratio improved at 13.86% versus 11.98%
year-on-year. Provision coverage ratio for the financial year 2011-12 stood at
68.10% versus 64.95% a year back.
During the year, the bank has allotted around 3.60 lakh
shares of Rs 10 each at premium of Rs 2,182 per equity share worth Rs 7,900
crore to the government of India, its major stake holder.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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