Moneycontrol
Last Updated : Aug 10, 2018 03:53 PM IST | Source: Moneycontrol.com

SBI shares fall 4% on loss of Rs 4,876 cr in Q1 even as asset quality improves QoQ

In absolute terms, SBI's gross NPAs declined 4.7 percent sequentially to Rs 2,12,840 crore and net NPAs dropped 10.5 percent to Rs 99,236.3 crore in June quarter.

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Country's largest lender State Bank of India shares fell 3.8 percent to close at Rs 304.45 on Friday after it reported a loss of Rs 4,876 crore for the quarter ended June, though asset quality improved sequentially.

The bank had reported profit at Rs 2,005.5 crore in same period last year. Lower other income and higher provisions hit profitability but tax credit limited loss for the quarter.

Net interest income, the difference between interest earned and interest expended, grew by 23.8 percent year-on-year to Rs 21,798 crore in Q1.

Provisions and contingencies increased 115 percent year-on-year to Rs 19,228 crore during the quarter ended June, but fell 31.6 percent sequentially.

Provisions for non-performing assets increased 7.5 percent YoY to Rs 13,037.90 crore but declined 46 percent sequentially.

Asset quality improved during the quarter. Gross non-performing assets as a percentage of gross advances were lower at 10.69 percent against 10.91 percent in the previous quarter while net NPAs were down at 5.29 percent compared to 5.73 percent in March quarter.

In absolute terms, gross NPAs declined 4.7 percent sequentially to Rs 2,12,840 crore and net NPAs dropped 10.5 percent to Rs 99,236.3 crore in June quarter.

Gross slippages were sharply lower for the quarter at Rs 14,349 crore against Rs 32,821 crore in quarter ended March 2018, registering a 56 percent fall sequentially. Fresh slippages for the quarter stood at Rs 9,985 crore.

Other income or non-interest income slipped 16.6 percent year-on-year to Rs 6,679.5 crore but operating profit increased 0.8 percent to Rs 11,973 crore in Q1.

SBI's tax credit for the quarter was Rs 2,379.3 crore against tax expenses Rs 939 crore in year-ago.
First Published on Aug 10, 2018 02:23 pm
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