SBI posts 78% drop in Q1 net profit at Rs 1,046 crore on 2-fold rise in provisions

Provision for bad loans witnessed nearly a two-fold increase to Rs 6,340 crore, against Rs 3,358.58 crore in the year-ago period

PTI August 12, 2016 14:26:15 IST
SBI posts 78% drop in Q1 net profit at Rs 1,046 crore on 2-fold rise in provisions

Mumbai: Country's largest lender State Bank of India Friday reported a massive 77.8 percent fall in its net profit to Rs 1,046 crore for the June quarter due to nearly two-fold jump in provision for bad loans.

SBI posts 78 drop in Q1 net profit at Rs 1046 crore on 2fold rise in provisions

Reuters

The bank had a consolidated net profit of Rs 4,714 crore in the corresponding quarter last year. However, its total income during the three-month period rose to Rs 69,415 crore against Rs 63,164.5 crore in the April-June quarter of 2015-16.

Provision for bad loans witnessed nearly a two-fold increase to Rs 6,340 crore, against Rs 3,358.58 crore in the year-ago period.

Its gross non-performing assets (NPAs) rose to 6.49 percent of total advances at the end of June, against 4.29 percent a year ago.

On standalone basis, the bank's net profit decreased by 32 percent to Rs 2,520.9 crore for the quarter ended June 30, against Rs 3,692.4 crore in the year-ago period.

Total income on standalone basis increased to Rs 48,928.6 crore during the quarter, against Rs 44,730.87 crore in the same period a year ago.

In value terms, SBI's Gross NPAs almost doubled to Rs 1,01,541 crore (6.49 percent of loans) during the June quarter, from Rs 56,420.77 crore (4.29 percent) in the year-ago period.

Net NPAs of the bank also rose to Rs 57,420.98 crore (4.05 percent) at the end of the first quarter, against Rs 28,669.14 crore (2.24 percent) in the year-ago period.

SBI shares were trading 8.70 percent up at Rs 246.70 apiece on the BSE.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Odisha 10th result 2020 DECLARED: Alternative websites to check BSE Class 10 results if bseodisha.nic.in is down
India

Odisha 10th result 2020 DECLARED: Alternative websites to check BSE Class 10 results if bseodisha.nic.in is down

Odisha 10th result 2020 DECLARED | Students can access the Odisha Board of Secondary Education Class 10 results on examresults,net and indiaresults.com if official website is slow

Odisha Matric Result 2020 DECLARED: BSE announces Class 10 results; steps to check score via SMS
India

Odisha Matric Result 2020 DECLARED: BSE announces Class 10 results; steps to check score via SMS

Odisha Matric Result 2020 DECLARED | BSE declared the results today at 10 am on the official website bse.odisha.nic.in

Odisha 10th result 2020 DECLARED: BSE declares Class 10 exam results, check details at bseodisha.nic.in
India

Odisha 10th result 2020 DECLARED: BSE declares Class 10 exam results, check details at bseodisha.nic.in

Odisha 10th Result 2020 DECLARED: Students can check it through the board's official websites: bseodisha.nic.in and orissaresults.nic.in.