State Bank of Bikaner and Jaipur Q3 net profit falls 71.94%
Mumbai: State Bank of Bikaner and Jaipur on Friday reported a 71.94% decline in its net profit for the December quarter due to increase in provisions. Net profit for the December quarter reduced to Rs57.84 crore as compared to Rs206.13 crore a year ago.
Net interest income (NII), or the core income a bank earns by giving loans, declined by 21.16% to Rs685.16 crore in the December quarter from Rs869.09 crore last year.
Other income increased 67.96% to Rs383.54 crore in the third quarter from Rs228.34 crore in the same period last year.
Gross non-performing assets (NPAs) at the bank rose 3.23% to Rs7,917.35 crore at the end of the December quarter from Rs7,669.21 crore in the September quarter. As a percentage of total loans, gross NPAs were at 11.19% at the end of the December quarter as compared to 10.50% in the previous quarter and 4.22% in the year-ago quarter.
Provisions and contingencies increased 44.67% to Rs426.91 crore in the third quarter from Rs236.20 crore a quarter ago. Net NPAs were at 8.26% in the December quarter compared to 7.17% in the previous quarter and 2.20% in the same quarter last year.
Provision coverage ratio as a percentage of gross NPAs stood at 49.27% at the end of third quarter, while capital adequacy ratio stood at 11.16% for the same period.
Shares of State Bank of Bikaner and Jaipur closed down 2.12% to Rs681.95 per share on the BSE, while the benchmark Sensex index lost 1% to 27,034.50 points.