State Bank of India, country’s top lender by assets, reported a 61.67 per cent year-on-year fall in net profit figures at Rs 1,115.34 crore for the quarter ended December 2015. The bank earned Rs 2910.06 crore in the corresponding quarter a year ago.
Gross non-performing assets as a percentage of total loans rose to 5.1 per cent in the December quarter from 4.15 percent in the sequential quarter ended September 2015.
The Reserve Bank of India, the banking sector regulator, has asked lenders to treat some troubled accounts as if they were bad loans and make adequate provisions, as part of its efforts to clean up bank balance sheets by March 2017.
Consolidated net profit of the bank fell 67 per cent year-on-year at Rs 1,259.49 crore during October-December 2015 period against Rs 3828.20 crore in the same quarter last year.
Shares of the State Bank of India were trading 2.26 per cent down at Rs 155.35 (1.53 pm).