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       SBI reports Rs. 2,416 cr loss in Q3
 
         Posted on :22:16:44 Feb 10, 2018
   
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       Last edited on:22:16:44 Feb 10, 2018
         Tags: SBI reports Rs. 2,416 cr loss in Q3
 

NEW DELHI: The State Bank of India (SBI) on Friday reported loss of Rs. 2,416 crore in the third quarter of the current fiscal, attributed to lower trading income on account of hardening of bond yields, higher corporate slippages leading to higher loan loss provisions and significant investment depreciation hit.

As per the results released by the state-owned lender, operating profits declined by 18.38 per cent, from Rs.14,401 crore in Q3FY17 to Rs.11,755 crore in Q3FY18.

Furthermore, operating income declined by 8.55 per cent from Rs. 29,276 crore in Q3FY17 to Rs. 26,772 crore in Q3FY18.

The company reported its net interest income, which is the difference between interest earned and interest expended, rose by 26.68 per cent to Rs. 18,687.52 crore, compared to Rs. 14,751.54 crore last year.

SBI stated that asset quality lowered further on sequential basis; with gross non-performing assets (NPAs) increasing by 10.35 per cent compared to 9.83 per cent in the previous quarter, and net NPAs at 5.61 per cent in the December quarter, compared to 5.43 per cent in the September quarter.

In absolute terms, SBI reported a seven per cent increase in gross NPAs to Rs. 1, 99,141.34 crore and 4.6 per cent rise in net NPAs to Rs. 1, 02,370.12 crore.

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       BUSINESS
Next Article: India Post Payments Bank to enable digital payment by April
 
 
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