SBI witnessed improvement in its asset quality as gross NPAs reduced to 7.53 per cent of gross advances at end March 2019, as against 10.91 per cent by end of March 2018. (File Photo)
The State Bank of India (SBI) has slashed deposit rates on various tenors citing surplus liquidity and falling interest rate scenario. Interest rates have been reduced by 50-75 basis points (bps) for time deposits with shorter tenors of up to 179 days, SBI said in a statement on Monday. For time deposits with longer tenors, there is a reduction of up to 20 bps in the retail segment and 35 bps in the bulk segment, it said. The country's largest lender has also cut deposit rates on bulk deposits of Rs 2 crore and above. The new rates will be effective from August 1, 2019, the bank said.
Earlier, the country's largest lender reported net profit of Rs 838.40 crore in fourth quarter of 2018-19 fiscal on a standalone basis as non-performing assets (NPAs) came down. The state-owned lender had witnessed a net loss of Rs 7,718.17 crore during the corresponding January-March quarter of 2017-18. Income (standalone) during the March quarter of 2018-19 rose by nearly 11 per cent to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.
For the full year 2018-19, bank reported a consolidated net profit of Rs 3,069.07 crore. While there was a loss of Rs 4,187.41 crore in the entire 2017-18. Income (consolidated) grew to Rs 3.30 lakh crore for the fiscal year compared to Rs 3.01 lakh crore in 2017-18.
State Bank of India (SBI) witnessed improvement in its asset quality as gross NPAs reduced to 7.53 per cent of gross advances at end March 2019, as against 10.91 per cent by end of March 2018.
Net NPAs or bad loans too trimmed down to 3.01 per cent as against 5.73 per cent. Stock of SBI was trading 0.74 per cent down at Rs 297.05 on BSE in afternoon trade.