State Bank of India's shares drop over 5% post Q1 loss; lender's gross NPAs rise to 10.69% of total advances

New Delhi: Shares of State Bank of India (SBI) on Friday tumbled over 5 percent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.

Following the results, shares of the company erased early gains and tanked 4.85 per cent to Rs 301.10 on BSE.

On NSE, shares of the company dropped 5.32 percent to Rs 300.50.

Representational image. Reuters

Representational image. Reuters

The country's largest lender SBI on Friday reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.

The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.

The bank's gross non-performing assets (NPAs) rose to 10.69 percent of total advances at the end of June, against 9.97 per cent a year ago.

However, net NPA 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.

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Updated Date: Aug 10, 2018 15:56:10 IST

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