India's largest commercial bank, State Bank of India or SBI reported a robust growth in its stand-alone net profit for the fourth-quarter, aided by higher net interest income and lower provisions for non-performing assets.
Stand-alone Results
The Mumbai-based bank's fourth-quarter stand-alone net profit surged to Rs.4,050.27 crore or Rs.63.76 per share from the Rs.20.88 crore or Re.0.33 per share in the fourth-quarter of last year. The bank's year-ago profit was impacted by higher provisions for bad loans.
Its quarterly net interest income amounted to Rs.11,703.75 crore, up by 45 percent from the Rs.8.058.05 crore in the year-ago quarter, while non-interest income was Rs.5,264.04 crore, while that of last year's was at Rs.4,815.49 crore, an increase of nine percent.
Total stand-alone income for the quarter amounted to Rs.39,959.54 crore, up by 51 percent from the Rs.26,536.84 crore in the previous year quarter.
For the fiscal year, the bank's stand-alone net profit stood at Rs.11,707.29 crore, whereas the bank reported Rs.8,264.52 crore in 2011.
For the 12-month period, net interest income and non-interest income amounted to Rs.43,291.08 crore and Rs.14,351.45 crore respectively. The same was Rs.32,526.40 crore and Rs.15,824.60 respectively in 2011.
For the year, total stand-alone income was Rs.120,782.90 crore, while it was Rs.97,218.96 crore a year-ago.
Geographic Segment
For the year, income from domestic operations amounted to Rs.114,080.91 crore, while that from foreign operations amounted to Rs.6,659.06 crore.
As at the end of March this year, stand-alone total deposits and advances stood at Rs.1,043,647 crore and Rs.867,579 crore respectively, while it was Rs.933,933 crore and Rs.756,719 crore respectively as on March 31, 2011.
Results for the year included the results of operation of the erstwhile State Bank of India Commercial & International Bank Ltd. for the period from July 29 last year. Therefore, the results are not comparable with those of previous periods.
Consolidated Results
The bank posted a fiscal year consolidated net profit of Rs.15,343.10 crore, while last year it was Rs.10,684.95 crore.
For the year, net interest income and non-interest income totaled Rs.57,877.84 crore and Rs.29,835.43 crore respectively, while the bank posted Rs.45,550.04 crore and Rs.34,207.48 crore respectively a year ago.
For the year, the Bank's consolidated total income was Rs.177,032.82 crore, whereas it reported Rs.147,843.92 crore in 2011.
As at the end of March this year, consolidated total deposits and advances totaled Rs.1,414,689 crore and Rs.1,163,670 crore respectively, while it was Rs.1,255,562 crore and Rs.1,006,402 crore respectively as on March 31, 2011.
As on March 31 this year, the gross non-performing assets as a proportion of gross advances were 4.44 percent, while net non-performing assets as a proportion of net advances was at 1.82 percent.
As on March 31, capital adequacy ratio of the bank, as per Basel-II, was 13.86 percent.
The bank's Board has recommended a dividend of 350 percent or Rs.35.00 per equity share of Rs.10 each for the fiscal year 2012 to be paid on June 15.
At the BSE, State Bank of India shares are currently trading at Rs.1,912.80, up Rs.64.70 or 3.50 percent on a volume of around 15,88,000 shares.
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