Home » Business, Latest » SBI Net Profit Declines by 13.6% in Q1

The country’s largest lender State Bank of India (SBI) on Monday reported 13.6% decline in standalone net profit to Rs. 3,241.08 crore for the quarter ended June 30, 2013, due to higher operating expenses and sluggish growth in interest income.

State Bank of India (SBI)The company’s total income increased to Rs36,192.6 crore from Rs32,415.5 crore, ended June 30, 2012.

The bank’s gross non-performing assets (NPAs) rose to 5.56 per cent of total advances at the end of June, against 4.99 per cent a year ago, reflecting the impact of slowing economy.

Considering recent macro developments in an overall weak economic environment, we remain cautious on asset quality pressures for the sector,” said a brokerage in a note.

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