State Bank of India Q4 net profit more than doubles

State Bank of India on Friday reported 123% increase in its net profit to ₹2,815 crore for the quarter ended March driven by healthy growth in net interest income and a lower base.

The net Interest Income increased by 17.33% from ₹5,401 Cr to ₹18,071 crore during the year under review.

However, non-Interest Income decreased marginally by 2.43% from ₹10,585 Cr in Q4FY16 to ₹10,327 Cr in Q4FY17.

"The major contributors (of non interest income) were Profit on Sale of Investments, Fee Income, Forex Income and Recovery in Written-Off Accounts," SBI said.

The bank's Net Interest Margin from domestic operations declined by 16 basic points year-on-year to 3.11% as on March 17 from 3.27% as on March 16 and increased by 8 basic points sequentially from 3.03% as on December 16.

It's gross NPA ratio improved on a sequential basis to 6.90% in end March as compared to 7.23% in December. Gross NPA ratio was 6.50% in March, 2016.

SBI stocks were trading 2.64% higher in afternoon trade in the Bombay Stock Exchange than its previous close.

State Bank of India