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SBI Q3 net down 34% at Rs 2,234 cr Higher bad loan provisions, employee benefits pull down profits

State Bank of India posted 34% drop in  at Rs 2,234 crore for third quarter ended December 2013 on higher provision for bad loans and  wages and benefits.

The net profit for Q3 of 2012-13 was Rs 3,396 crore.

The net interest income in Q3 of FY14 rose by 13.1% to Rs 12,640 as against Rs 11,176 crore in Q3 of 2012-13.

The other income comprising fees, commissions and earnings from trading and sell of investments rose by 15.5% to Rs 4,190 crore as against Rs 3,626 crore in Q3 of FY13.

 stock was trading at Rs 1,464, down by 2.38% over previous close on Bombay Stock Exchange

The employee costs went up by 34% to quarter to Rs 5,867 crore from Rs 4,351 crore due to higher provisions for salaries and pensions, SBI said in statement.

Showing the pressure from stressed loans, bank’s provisions for  (NPAs) rose by 24% to Rs 3,428 crore up from Rs 2,766 crore.  

Total gross NPAs rose to 5.73% (67,799 crore in December 2013) from 5.30% (Rs 53,457 crore).  The provisioncoverage ratio was 58.32% at end of December 2013, SBI said.

Its Return on Assets fell to 0.63% in Dec 2013 from 1.03% in Dec 2012. The return on equity was 10.97% in Dec 13 against 17.67% in December 2012.

The capital adequacy ratio (under Basel III) stood at 11.59% at end of December 2013.

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