SBI Q4 Net dips 99%; rights issue round the corner
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Hit by higher provisioning for bad loans and increased tax outgo, the net profit of the country's largest lender State Bank of India (SBI) tanked by about 99 per cent to Rs 20.8 crore for the fourth quarter ended March, 2011.
SBI's profit plunged for the March quarter of the last fiscal from Rs 1,866.60 crore during January-March 2010, while other major lenders ICICI Bank, Punjab National Bank and Bank of Baroda have posted positive results.
"Net profit has been impacted due to higher provisioning against bad debts, one-time provision of Rs 500 crore for its teaser home loan scheme and increase in tax outgo," SBI Chairman Pratip Chaudhuri told reporters here.
Besides, he said, the bank also set aside funds to meet liabilities on account of pension and gratuity of its employees and Rs 550 crore for counter-cyclical buffer as per the Reserve Bank's norms.
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