State Bank of India (SBI) today reported a vastly improved financial performance with net profits rising and asset quality showing good improvement. The bank reported a net profit of Rs 3041 crores for Q4 2014 ending March 31, 2014 as against a net profit of Rs 2234 crores reported in the corresponding period of last year.
Fresh slippages for the quarter were to the tune of Rs 7947 crores.
Net non performing assets fell to 2.57 per cent for the quarter as against 3.24 per cent reported in the previous quarter ending December 31, 2013.
Gross non performing assets also fell to 4.95 per cent from 5.73 per cent, signalling an improvement in asset quality. The capital adequacy of the bank under Basel III was placed at 12.44 per cent.
The stock of State Bank of India was up 3.24 per cent in trade at Rs 2600. The board of directors of the bank have declared a dividend of Rs 30 per share.
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