Abbott India Q4 net dips 29 pc to Rs 42 cr

Abbott India Q4 net dips 29 pc to Rs 42 cr

The state-owned bank had in contrast registered standalone net profit of Rs 1,263.81 crore in the fourth quarter of the previous fiscal, 2015-16.

Net interest income rose 17.3 per cent from a year earlier to Rs 18,071 crore in the March quarter.

Gross NPA as percentage of total advances was 6.9% as on 31 March 2017, as compared to 7.23% in the preceding quarter and 6.5% in the year-ago quarter.

The bank's net interest income rose by 17.33 per cent to Rs 18,071 crore in the last quarter of the last fiscal from Rs 15,401 crore in the corresponding period of previous fiscal.

For the full fiscal, total income increased by 9.2% to Rs 2,98,640.45 crore from Rs 2,73,461.13 crore at the end of 2015-16.

Shares of Abbott India today closed at Rs 4,194.95 per scrip on BSE, down 0.24 per cent from its previous close.

On an absolute basis, however, gross bad loans increased to 1.12 trillion rupees at end-March from 1.08 trillion rupees in December.

Its net profit for the quarter increased by 7.8 per cent to Rs.2814 crore in Q4FY17 versus Rs.2610 crore in th previous quarter.

"The bank on a solo basis has done very well despite a hard quarter". Higher provisions on account of costs associated with the merger have taken a toll on the consolidated results.

In the past two years, SBI Chairman Arundhati Bhattacharya has been grappling with slowing loan expansion and mounting bad loans, the key stumbling blocks to profit growth in the Indian banking industry.

She said the bank would be very selective in corporate lending and the lending would depend on region, sector and credit rating, among others.

The provision coverage ratio for the quarter stood at 65.95 per cent compared with 62.87 per cent in December quarter. The bank's net NPA ratio stood at 8.92%, compared with 6.76% for the same period a year ago. The impact on profit would not be much. For the year ending March 31, 2017, the net interest margin improved to 3.70 per cent from 3.43 per cent registered during year ago period.

Under Basel III, the Bank's Capital Adequacy Ratio stood at 11.14 pc with the Tier 1 capital at 8.94% as on 31st March, 2017. Retail loans constituted 22 per cent of the loan amount contributed by auto and home loans.

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