The country’s largest lender SBI on Friday reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.
The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.
However, total income during the three-month period rose to Rs 65,492.67 crore as compared to Rs 62,911.08 crore in the June quarter of 2017-18.
The bank’s gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago. However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier.
Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.
However, net NPAs of the bank declined to Rs 99,236 crore at the end of the first quarter, against Rs 1,07,560 crore in the year-ago period.
Total provisions more than doubled to Rs 19,228 crore for the first quarter of this fiscal, from Rs 8,929.48 crore.
On a consolidated basis, the bank posted a net loss of Rs 4,230 crore as against a profit of Rs 3,032 crore earlier.
The SBI stock rose 0.38 per cent to Rs 317.65 on BSE in afternoon trade.