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SBI net profit more than doubles in Q4

State Bank of India (SBI) has reported a net profit of INR28.15bn ($433.4m) for the fourth quarter of fiscal year 2017, a 122.7% increase compared to INR12.64bn ($194.6m) in the same period last year.

Operating profit was INR160.26bn for the quarter ended 31 March 2017, a 12.93% rise from INR141.92bn in the previous year.

Total income increased 7.83% to INR577.2bn from INR535.27bn last year, while net interest income increased 17.33% to INR180.71bn from INR154.01bn a year ago. Operating expenses were up 4.89% year-on-year INR123.72bn.

At the end of the March quarter, gross non-performing assets (NPAs) ratio fell to 6.9% from 7.23% reported in the December quarter. Gross NPA ratio stood at 6.50% a year ago.

On a net basis, the NPA ratio dropped to 3.71% from 4.24% reported in the previous quarter. The ratio was 3.81% in the same period of previous year.

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