SBI reports net profit of Rs 838 crore in Q4 FY19, NPAs decline

Last Updated: Fri, May 10, 2019 18:02 hrs

State Bank of India (SBI) on Friday reported standalone net profit at Rs 838 crore for the March quarter of the financial year 2018-19.

The government-owned lender had posted a loss of Rs 7,718 crore in the year-ago period. SBI is the biggest creditor to Jet Airways, which defaulted on its loans and folded its operations last month as it ran out of funds.

SBI's gross non-performing assets (NPAs) declined to 7.53 per cent against 8.71 per cent in the previous quarter and 10.91 per cent in the corresponding quarter.

Net NPAs during the period came in at 3.01 per cent against 3.95 per cent in the previous quarter and 5.73 per cent in the year-ago quarter.

Basic earnings per share stood at Rs 0.94 against Rs 4.43 in the December quarter, according to a statement.

The bank has made a provision of Rs 16,502 crore during the quarter ended March 31 as compared to Rs 6,006 crore in the December 2018 quarter on a standalone basis.

For the full year ended March 2019, the bank has made a provision of Rs 53,828 crore as against Rs 75,039 crore in the previous corresponding period.