State Bank Of India

State Bank of India (SBI), the nation’s biggest lender is planning to conduct auction of cars seized from loan defaulters. In its attempt to bring down its Non-Performing Assets (NPAs) in car loans, nearly 500 cars will be seized from defaulters in the next few weeks. The bank’s car loan NPA has went up to 1%, the bank wants to bring it down to 0.25%.

The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.