SBI reports shock loss of Rs 4,876 crore in Q1 as provisions double

SBI reports shock loss of Rs 4,876 crore in Q1 as provisions double

State Bank of India (SBI) reported a standalone net loss of Rs 4,875.85 crore for June quarter (ETNow poll was Rs 242 crore profit). This was the third straight quarter of losses for the largest domestic lender in terms of assets. SBI had reported Rs 7,718.17 crore loss in March quarter and Rs 2,005.53 crore profit in the year-ago period. In December quarter of FY18, the bank had reported its first ever loss of Rs 2,416.40 crore. For June quarter, SBI reported provisions and contingencies of Rs 19,228.26 crore compared with Rs 28,096.07 crore in March quarter and Rs 8,929.48 crore in the year-ago quarter. Net interest income (NII) for the quarter stood at Rs 21,798 crore against Rs 17,606 crore in the year-ago period. Gross NPA for the quarter fell to 10.69% in June quarter from 10.91% in March quarter and 9.97% in the year-ago quarter. 

Read More at The Economic Times News date : 10 Aug 2018, Friday

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