SBI net profit slips 69% to Rs 576 crore in Q2

SBI net profit slips 69% to Rs 576 crore in Q2

New Delhi: The country’s largest lender SBI Monday reported 69 percent 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 percent of the gross advances as on September 30, 2018 from 9.83 percent a year ago.

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

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 percent higher at Rs 295.30 on BSE.