State Bank of Patiala Net Profit Declines 16%

State Bank of Patiala has registered 16%decline in its net profit, which stood at Rs 666.76 crore for the financial year ended March 31, 2013.

The banking institution had registered an increase in the net profit, which remained at Rs 796.45 crore in the last financial year.

SBoP’s Managing director, Mr. Achal Kumar Gupta, stated that the drop in the bank’s net profit is because of the augmentation in the wage rates of the staff and volume of stressed assets.

“However, overall market scenario is accountable for the drop in the profits,” Mr. Achal Kumar Gupta stated.

SBoP’s gross and net NPA increased by 3.25% and 1.62% during 2012-13 as against 2.94% and 1.35% during 2011-12, respectively.

But, the banking institution has witnessed traction in both the advances in addition to the deposit mobilisation.

The total business of the banking institution witnessed a year-on-year expansion of 14.33% and as on March 2013 the overall biz of the banking institution remained at Rs 1,64,132 crore.