India's largest commercial bank, State Bank of India or SBI reported a fall in its stand-alone net profit for the fourth-quarter, on higher provisions for non-performing assets.
Stand-alone Results
The Mumbai-based bank's fourth-quarter stand-alone net profit fell by 19 percent to Rs.3,299.22 crore from Rs.4,050.27 crore in the fourth-quarter of last year.
Results for the quarter included a provision of Rs.3,974.15 crore, compared with Rs.2,836.84 crore towards provision for non-performing assets last year.
Quarterly net interest income amounted to Rs.11,078.42 crore, down four percent from Rs.11,591.03 crore in the year-ago quarter, while non-interest income increased by three percent to Rs.5,546.68 crore from Rs.5,376.76 crore in the previous year.
Total stand-alone income for the quarter amounted to Rs.36,330.87 crore, higher by seven percent from Rs.33,959.54 crore in the previous year quarter.
Operating profit before provisions and contingencies for the quarter was Rs.7,760.64 crore, recording a decline of 19 percent from Rs.9,596.79 crore in the prior year.
For the fiscal year, the bank's stand-alone net profit stood at Rs.14,104.98 crore, up 20 percent from Rs.11,707.29 crore in 2012.
For the 12-month period, net interest income and non-interest income amounted to Rs.44,331.30 crore, compared with Rs.43,291.08 crore, an increase of two percent, while non-interest income stood at Rs.16,034.84 crore, up by 12 percent from the Rs.14,351.45 crore a year-ago.
For the year, total stand-alone income was Rs.135,691.84 crore, while it was Rs.120,782.90 crore a year-ago, registering a 12 percent growth.
Geographic Segment
For the year, income from domestic operations amounted to Rs.127,139.47 crore, while that of foreign operations amounted to Rs.8,208.83 crore.
As at the end of March this year, stand-alone total deposits and advances stood at Rs.1,202,740 crore and Rs.1,045,617 crore respectively, while it was Rs.1,043,647 crore and Rs.867,579 crore, respectively as on March 31, 2012.
Consolidated Results
The bank posted a fiscal year consolidated net profit, after minority interest and share of associates, of Rs.17,916.23 crore, higher by 17 percent from the Rs.15,343.10 crore in 2012.
For the year, net interest income and non-interest income was up by six percent at Rs.61,160.23 crore, compared with Rs.57,877.84 crore last year, while non-interest income totaled Rs.32,581.69 crore, up by ten percent from the Rs.29,691.58 crore a year ago.
For the year, the Bank's consolidated total income was Rs.200,559.83 crore, whereas it reported Rs.176,888.97 crore in 2012 - a growth of 13 percent.
As at the end of March this year, consolidated total deposits and advances totaled Rs.1,627,403 and Rs.1,392,608 crore, respectively, while it was Rs.1,414,689 crore and Rs.1,163,670 crore respectively as on March 31, 2012.
The gross non-performing assets as a proportion of gross advances were 4.75 percent by the end of March, while net non-performing assets as a proportion of net advances was at 2.10 percent.
As on March 31, capital adequacy ratio of the bank, as per Basel-II, was 12.92 percent.
The bank's Board has recommended a dividend of 415 percent or Rs. 41.50 per equity share of Rs.10 each for the fiscal year 2013, to be paid on June 17.
At the BSE, State Bank of India shares are currently trading at Rs.2,183.10, down Rs.181.20 or 7.66 percent on a volume of around 910,000 shares.
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