SBBJ Q4 net profit down 28 per cent to Rs 178 crore
State Bank of Bikaner and Jaipur (SBBJ), the largest subsidiary of SBI, today posted 28 per cent decline in net profit at Rs 178 crore.
By PTI | Updated:
NEW DELHI: Hit by higher provisioning for bad loans, State Bank of Bikaner and Jaipur (SBBJ), the largest subsidiary of SBI, today posted 28 per cent decline in net profit at Rs 178 crore for the fourth quarter ended March 31, 2013.
The bank had a net profit of Rs 247 crore in the same quarter a year ago.
The decline in the net profit in the last quarter is due to higher provisions, SSBJ Managing Director B Sriram said.
During the period under review, the net interest income decreased by 10.34 per cent to Rs 557.25 crore compared to Rs 621.51 crore in the same period a year ago.
However, total income of the bank increased to Rs 2,127.67 crore from Rs 1,996.79 crore in the same period a year ago.
The bank has proposed a dividend of 161 per cent or Rs 16.10 per share for 2012-2013.
The net interest margin (NIM) of the bank declined to 3.62 per cent against 3.70 per cent in the previous fiscal.
Asked about NIM outlook, he said the bank would aim at 3.5 per cent in 2013-14.
"It may be difficult to increase margins because the rates are on the way downwards," Sriram said.
For the entire fiscal ended March 31, 2013, the net profit of the bank increased by 12 per cent to Rs 730.24 crore from Rs 652.03 crore in the previous fiscal.
At the same time, total income improved to Rs 8,224.47 crore during the fiscal from Rs 6,890.33 crore in 2011-12.
Total business of the bank as on March 31, stood at Rs 1.31 lakh crore, an increase of 17 per cent from the previous fiscal-end.
The bank had a net profit of Rs 247 crore in the same quarter a year ago.
The decline in the net profit in the last quarter is due to higher provisions, SSBJ Managing Director B Sriram said.
During the period under review, the net interest income decreased by 10.34 per cent to Rs 557.25 crore compared to Rs 621.51 crore in the same period a year ago.
However, total income of the bank increased to Rs 2,127.67 crore from Rs 1,996.79 crore in the same period a year ago.
The bank has proposed a dividend of 161 per cent or Rs 16.10 per share for 2012-2013.
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The net interest margin (NIM) of the bank declined to 3.62 per cent against 3.70 per cent in the previous fiscal.
Asked about NIM outlook, he said the bank would aim at 3.5 per cent in 2013-14.
"It may be difficult to increase margins because the rates are on the way downwards," Sriram said.
For the entire fiscal ended March 31, 2013, the net profit of the bank increased by 12 per cent to Rs 730.24 crore from Rs 652.03 crore in the previous fiscal.
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At the same time, total income improved to Rs 8,224.47 crore during the fiscal from Rs 6,890.33 crore in 2011-12.
Total business of the bank as on March 31, stood at Rs 1.31 lakh crore, an increase of 17 per cent from the previous fiscal-end.
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