Dip in Q4 results in most of PSU banks: FinMin
By Vaibhav Aggarwal
May 27, 2013
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The Finance Ministry is concerned over the dip in the bottom lines of most of the state-run lender, including State Bank of India, in the fourth quarter earnings.

Driven by a higher provisioning, country's largest lender- State Bank of India's net profit for the March quarter plunged down 18.5 per cent at Rs 3,299.22 crore against Rs 4,050.27 crore in year-ago period.

The dip in the net profit was the first time in the last two years that the bank had shown. SBI was the last one to come out with its numbers and it joined most of its peers from the state-run lenders space in declaring lower numbers.

Among other banks, net profit of Allahabad Bank dipped to Rs 126.15 crore against Rs 400.22 crore in the corresponding period a year ago.

Others in the league are United Bank of India posting net profit of Rs 31.18 crore in March 2013 against Rs 149.29 crore year ago, Indian Overseas Bank with dip of Rs 58.86 crore versus Rs 528.81 crore, Bank of India with Rs 756.57 crore versus Rs 952.73 crore and Bank of Baroda saw dip in net profit to Rs 1,028.85 crore against Rs 1,518 crore.

However, Union Bank of India and Corporation Bank managed to show a marginal rise in profits during the period.


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