State Bank Of India

State Bank of India (SBI), the country’s largest public sector bank is taking initiatives to reduce bad loans which have reached 5.73 %. The bank has directed all zones to tighten the recovery of debts and reduce Non-Performing Assets (NPAs), or bad loans, substantially.  Meanwhile, the bank is also planning to start 1,000 branches across the country every year, till financial 2015-16. This year the bank has already started 700 branches and 300 branches would be opened before March 2014. 

The bank’s gross NPA for the December 31, 2013 quarter of the current fiscal increased to 5.73%, as compared to 5.30% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 3.24% as compared to 2.59% in the same quarter of the previous year.

State Bank of India has 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 has 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.