Skip to main content

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 net profit at Rs 2,234 crore for third quarter ended December 2013 on higher provision for bad loans and employee 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.

SBI 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 non-performing assets (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.

Comments

Post a Comment

Popular posts from this blog

Wizard of Dalal Street: Govind Parikh's investment mantra

Wizard of Dalal Street: Govind Parikh's investment mantra Govind Parikh of Govind Parikh Securities says selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says I like to buy things in a bad market. Additionally, don't look current cash flow, concentrate on future cash flows — that is what  I look at," says Govind Parikh of Govind Parikh Securities. He advises investors to buy good quality stocks when the market crashes. While sharing his investment philosophy with ace investor Ramesh Damani, on the Wizards of Dalal Street, Parikh says management integrity is very important when deciding which stock to bet on. He tells investors not to buy stocks impulsively. According to him, selling right is more important than correct buying. He says it is necessary to keep a lot of cash. "We keep an average 10 percent cash in our portfolio," he says. He al...
2 comments
Read more

IT giants beat the sTREET

  and HCL Technologies, to do an encore in their December 2013 quarter earnings. All three companies also exuded confidence about the future demand environment. N Chandrasekaran, chief executive officer & managing director of TCS, said he believed next year would be a stronger one than 2013-14, as customers executed their business plans in a relatively stable environment. HCL Technologies Chief Financial Officer Anil Chanana said the deal pipeline looked significantly better. “We won 15 large deals in this quarter — about half of them in the IMS (infrastructure management services) space. We remain confident of the growth ahead as client budgets remain stable”. Infosys had also improved its revenue guidance for the financial year from 9-10 per cent to 11.5-12 per cent. For the December 2013 quarter, TCS’ revenues grew 32.5 per cent to Rs 21,294 crore and net profit stood at Rs 5,314 crore, up 49.6 per cent from that in the year-ago period. For Infosys and H...
Post a Comment
Read more

Market Crash -Nifty below 9000

Yesterday, the Indian benchmark was opened on a gap up note at 9,285.40 levels, witnessed some selling pressure that drifted it to a low near the psychological support of 9,000 levels. However, a pullback was witnessed and index made a high of 9,403 levels but index started erasing gains in last hour of the trading session and closed below the psychological support of 9,000 levels for the very first time since March, 2016. Most of the indices were closed on a negative note out of which media stocks eased 5.95%. Market breadth was negative as 621 stocks were advanced while 1,206 stocks were closed in the red.  Maximum Call open interest (OI) of 15.35 lakh contracts was seen at the 10000 strike price followed by a 10500-strike price which 13 Lakhs. Highest call writing was seen at the strike price of 9500, at which 4.61 lakh contracts traded. Call option suggests 9500 will be next hurdle. Maximum Put open interest of 10 -lakh contract was seen at the 8100-Strike price followed by ...
Post a Comment
Read more