 "State Bank of India's Q1 results: Country's largest lender reports net loss of Rs 4,876 crore; net NPAs decline")
The State Bank of India, on Friday, reported a net loss of Rs 4,876 crore for the first-quarter ended 30 June, 2018. The country’s largest lender attributed that loss to lower trading income and significant mark-to-market (MTM) losses, owing to hardening of bond yields; and to a higher provision on account of wage revisions and enhancement in gratuity ceiling. The bank had logged a net profit of Rs 2,006 crore in the April-June quarter of the previous fiscal. Total income for the three-month period ended 30 June, 2018 rose to Rs 65,492.67 crore as against Rs 62,911.08 crore in the June quarter of the previous financial year. The bank, in a statement, said gross non-performing assets (NPAs) rose to 10.69 percent of total advances at the end of June 2018, against 9.97 percent a year ago. However, net NPAs marginally declined to 5.29 percent from 5.97 percent earlier. Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year. Net NPAs declined to Rs 99,236 crore at the end of the first-quarter, against Rs 1,07,560 crore in the year-ago period. Total provisions more than doubled to Rs 19,228 crore for the first-quarter of the ongoing financial year, from Rs 8,929.48 crore. Mumbai-listed SBI’s shares were trading 0.88% higher to Rs 319.25 on the Bombay Stock Exchange (BSE) at 14.26 hrs on Friday. SBI rolls out MOPAD On Wednesday, the lender, as part of its effort to promote online transactions, rolled out another digital initiative called Multi Option Payment Acceptance Device (MOPAD), which will enable customers to make payments via cards, Bharat QR, UPI and SBI Buddy (e-wallet) on point of sale (PoS) terminals, the PTI reported. SBI has 6.23 lakh PoS terminals deployed across the country. MOPAD will reportedly provide digital convenience to customers and improve ease of doing business for merchants. Boost Yono user-base Separately, SBI, on Wednesday, said it is planning to expand its ‘you only need one’ digital platform’s (Yono) customer base to 250 million over the next two years. At present 2.5 million users are registered on Yono, which offers the bank’s financial services and lifestyle products. With inputs from PTI
The country’s largest lender attributed its Q1 loss to lower trading income, significant mark-to-market (MTM) losses and higher provisions.
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