State Bank of India (SBI), the country’s largest lender, has received an approval for divestment of up to 10% of its stake in SBI Life Insurance Company. The Executive Committee of the Central Board (ECCB) has on March 30, 2015 authorized the divestment of the same.
The bank has registered a rise of 30.24% in its net profit at Rs 2910.06 crore for third quarter ended December 31, 2014 under review as compared to Rs 2234.34 crore for the same quarter in the previous year. However, total income of the bank has increased 12.07% at Rs 43783.91 crore for Q3FY15 as compared Rs 39067.91 crore for the corresponding quarter previous year.
Gross non-performing assets (NPAs) improved to 4.90% in the October- December quarter as against 5.73% in the same quarter previous year, while net NPAs stood at 2.80%.
