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SBI Net Profit Slips 69% to Rs 576 Crore in Second Quarter

Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

PTI

Updated:November 5, 2018, 4:14 PM IST
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SBI Net Profit Slips 69% to Rs 576 Crore in Second Quarter
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New Delhi: The country's largest lender SBI Monday reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30.

The bank's net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal.

The bank had reported a net loss of Rs 4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans.

Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

On asset quality, the gross non-performing assets (NPA) of the bank rose to 9.95 per cent of the gross advances as on September 30, 2018 from 9.83 per cent a year ago.

Net NPAs or bad loans stood at 4.84 per cent of the net advances, down from 4.53 per cent.

The provisions for bad loans came down to Rs 10,381.31 crore during the quarter, from Rs 16,842.18 crore in the same period a year ago.

On standalone basis, the bank's net profit was down at Rs 944.87 crore as against Rs 1,581.55 crore.

The lender's income was Rs 66,607.98 crore in the July-September quarter, up from Rs 65,429.63 crore.

Shares of the bank closed 3.45 per cent higher at Rs 295.30 on BSE
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Ahona Sengupta
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