State-run State Bank of
Bikaner and Jaipu r (SBBJ) today reported a 31.05 percent plunge in net
profit to Rs 193.22 crore for the quarter ended March 31, due to
increased provisions for bad loans.
The bank had posted a profit of Rs 280.25 crore in the same period last
year.
"In the fourth quarter, we doubled the provisions for loans compared
with the corresponding quarter last year," the bank's managing director
Jyoti Ghosh told reporters here.
The loan-loss provision stood at Rs 296 crore during the period compared
with Rs 141 crore a year ago.
The associate of the State Bank of India has an exposure of Rs 400 crore
to the Punjab government food credit and as per the RBI instructions it
has made a provision of 7.5 percent or Rs 31 crore during the quarter.
For the full fiscal, the profit after tax jumped 9.49 percent to Rs
850.60 crore as against Rs 776.87 crore last year.
Net interest margin of the bank improved to 3.29 percent from 3.10
percent in the year ago period.
The gross non-performing ratio stood at 4.82 percent as against 4.14
percent, while net NPA was at 2.75 percent compared with 2.54 percent.
Fresh slippages in the three months to March was Rs 1,065 crore. Of
which, Rs 380 crore of bad loans were from asset quality review.
It sold Rs 133 crore of bad loans to asset reconstruction companies,
while recovery in the quarter stood at Rs 70 crore.
So far, the bank refinanced seven accounts worth Rs 500-600 crore under
the 5:25 scheme. Five accounts were restructured under strategic debt
restructuring during the year.
Provision coverage ratio of the bank was at 62.11 percent as against
57.05 percent at the end of March 2015.
The scrip of SBBJ ended at Rs 523.05, down 2.47 percent on BSE, whose
benchmark index Sensex inched up by a marginal 0.01 percent.
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