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20 May 2017, 02:45 | Cedric Leonard
India's largest public sector lender State Bank of India (SBI), which posted a net profit of Rs 2,815 crore in the last quarter of 2016-17, expects the basic expenses of merger of its associates with it would be behind now, its Chairman Arundhati Bhattacharya said here on Friday.
The gross non-performing assets (NPAs) rose to 6.9% from 6.5% for the quarter ended March 2016 while net NPAs declined to 3.71% from 3.81% during the same period.
As of December 31, 2016, SBI's share capital was Rs 776.28 crore, while reserves and surplus stood at Rs 1,82,299.60 crore, up from Rs 1,43,498.16 crore as of March 31, 2016.
The state-run bank's total income for Q4 fell by 2.74 per cent to Rs 8,048.12 crore compared to Rs 8,274.58 crore reported during the corresponding period of 2015-16.
Provisions were lower by 11% year-on-year (y-o-y) at Rs 11,740 crore, of which those for bad loans fell 10% y-o-y to Rs 10,992 crore.
SBI's GNPAs for the quarter increased by 3.8 per cent QoQ in Q4FY17 to Rs 112342 crore.
However, including the results of the subsidiary banks it has now taken over, the bank reported a consolidated net loss of about 33 billion rupees in the March quarter, stoking concerns that higher bad-loan ratio at the subsidiaries could weigh on the overall balance sheet. Net interest income (NII) rose 17 per cent, to ₹18,071 crore.
On NPA assets, Bhattacharya said the NCLT is open to the bank.
From April 1, 2017, SBI merged with itself Bharatiya Mahila Bank (BMB) and its five associate banks - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Travancore (SBT). "In the near term, margins will be under pressure due to elevated credit cost due to the merger".
Bhattacharya said the lender has just been through a "difficult but satisfying quarter". "The accretion of NPAs seems to be slowing", Bhattacharya said.
The stock, which hit a 52-week high at Rs 315 soon after announcement of results, is now at Rs 309.30, up 2% from its previous closing price.
Net Profit of United Bank of India (UBI) at Rs.73.56 crore in Q4 FY17 showing increase of 14.76 pc over previous quarter from net loss of Rs.4l3 crores as of Q4 FYl6.
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