The State Bank of India today reported a stellar performance with its fourth-quarter stand-alone net profit more than doubled.
The lender’s bad loan ratio too narrowed from the previous quarter. Its stock was up at 311.40, up 2.79% at noon.
Standalone net profit catapulted to Rs 2,815 crore for the January-March 31, 2017 quarter from Rs. 1,264 crore a year earlier.
Gross bad loans (GNPAs) as a percentage of total loans fell to 6.9 per cent in March from 7.23 per cent in December.
The lender said gross non-performing assets (NPAs) declined to 6.90 per cent of gross advances, down 33 basis points from 7.23 per cent reported for December quarter.
Gross NPAs in the year-ago quarter stood at 6.50 per cent. On a net basis, NPAs fell to 3.71 per cent from 4.24 per cent in December quarter and 3.71 per cent in the corresponding quarter last year.
The provision coverage ratio for the quarter stood at 65.95 per cent compared with 62.87 per cent in December quarter.