SBBJ Q4 net profit down 31% as provisioning grows
New Delhi, April 29: SBI associate State Bank of Bikaner & Jaipur on Friday re ported a 31% decline in its net profit at Rs 193.22 crore for March quarter on higher provisioning for bad loans. Besides, a higher outgo towards pension and wages too af fected profitability.
The bank's net profit in the year-ago period stood at Rs 280.25 crore.
Total income during January-March increased to Rs 2,709.36 crore as against Rs 2,634.66 crore in the same period a year ago, it said in a regulatory filing.
On asset quality, the gross non-performing assets (NPAs) or bad loans were 4.82% of the gross advances as of March, slightly up from 4.14% a year ago. Net NPAs were 2.75% of net advances for the quarter as against 2.54%.
However, the bank had to park aside a sum of Rs 323.65 crore towards bad loans and provisioning as against Rs 221.01 crore a year ago.
During the quarter, the bank provided an amount of Rs 70 crore (Rs 115.50 crore during FY16) towards pension and Rs 20 crore (Rs 95.92 crore during FY16) towards gratuity, it said.
“The bank during the year paid Rs 217.06 crore on account of wage arrear relat- ing to the period from November 2012 to March 2015 out of provision of Rs 264.40 crore made in earlier years under provisions and contingencies,” it said.
The excess provision of Rs 47.34 crore has been reversed to employee cost, the bank added. The board of directors at its meeting held on Friday declared a dividend of Rs 14.30 per share for 2015-16. PTI