SBI posts nearly 200-time increase in profit for Jan-March period
SBI, India’s largest bank posted nearly 200-time increase in profit at over Rs 4,000 crore for January-March period.
- This is the highest ever quarterly profit in SBI’s history and is on the back of a sharp fall in provisioning for bad loans. SBI’s net profit of over Rs 11,707 Crore for the entire fiscal ended March, 2012 is the third highest profit of any corporation in India.
The total provisioning for bad loans for the quarter was down to Rs 5,547 Crore from 6,059 crore rupees in the comparable period. In the period under review, the loss from sale of equity stood at Rs 26 Crore rupees as against Rs 335 crore in the previous corresponding quarter.
Month: Current Affairs - May, 2012