Mumbai: State Bank of India today posted 67 per cent decline in consolidated profit to Rs 1,259.49 crore for the third quarter ended December 31, 2015-16, on account of higher provisioning for bad loans.
The SBI Group had registered a net profit of Rs 3,828.20 crore in the October-December quarter of the 2014-15 fiscal.
On a standalone basis, the SBI net profit plummeted by 61.6 per cent to Rs 1,115.34 crore for the third quarter of the current fiscal. It was at Rs 2,910.06 crore in the year ago period.
However, total income of the bank rose to Rs 46,731 crore during the third quarter, from Rs 43,784 crore in the same period of last fiscal.
The total provisioning for non-performing assets jumped significantly to Rs 7,644.52 crore during the December quarter, up from Rs 5,327.51 crore in the corresponding period last fiscal.
The financial result has been arrived at after considering necessary provisions for NPAs, standard assets and investment depreciation on the basis of prudential norms issued by RBI, SBI said in a statement.
The gross Non-performing Assets (NPAs), which represent portion of bad loans, stood at Rs 72,791.73 crore at the end of December, up 17 percent from Rs 61,991.45 crore in the year ago period and 28 per cent on quarter.
As of December 31, the bank's portfolio quality declined, with gross NPAs at 5.10 per cent of gross advances, as against 4.90 per cent a year ago.
Its net NPAs during the third quarter rose to 2.89 per cent, from 2.80 per cent in the period a year earlier.
SBI stock was trading at Rs 156, down nearly 2 per cent in the afternoon trade on BSE.