SBI reports surprise Q3 loss at Rs 2,416 crore, gross NPAs rise to Rs 1.99 lakh crore
Country's biggest lender State Bank of India (SBI) on Friday posted a standalone net loss of Rs 2,416.37 crore for quarter ended December 31, 2017 against a net profit of Rs 2,610 crore in the corresponding quarter last year.
Provisions and contingencies figures increased 111 per cent year-on-year to Rs 18876.21 crore for the quarter under review against Rs 8,942.83 crore in the same period last year.
Gross non-performing assets (NPAs) in absolute terms stood at Rs 1.99 lakh crore in Q3FY18 over Rs 1.86 lakh crore in Q2FY18 and Rs 1.08 lakh crore in Q3FY17.
Provision coverage ratio as on December 31, 2017 stood at 65.92 per cent.
In a press conference post result, bank's chairman Rajnish Kumar said net loss was mainly due to hardening of bonds.
Net interest income of the lender jumped 26.88 per cent year-on-year to Rs 18,687.57 crore in Q3FY18.
Asset quality of SBI deteriorated during the quarter gone by as percentage of gross non-performance assets (NPA) came at 10.35 per cent in Q3FY18 against 9.83 per cent in the sequential quarter ended September 30, 2017. Percentage of net NPAs increased to 5.61 per cent vs 5.43 per cent QoQ.
Shares of the lender closed 1.68 per cent down at Rs 296.40 on Friday, whereas BSE Sensex settled 1.18 per cent down at 34,005.76. The results were announced post market hours.