SBI plummets 99.6 pc plunge in consolidated net profit in Q2
New Delhi : Country's largest lender State Bank of India recorded 99.6 pc plunge in consolidated net profit at Rs 20.7 crore for the September quarter on account of 3-fold jump in bad loan provisioning.
It's profit was Rs 4,991.70 cr during the second quarter of the last financial year. Total income on consolidated basis rose however to Rs 72,918.4 crore during the second quarter of the current fiscal, from Rs 66,828.8 crore in the same period of 2015-16, SBI said in filing to stock exchanges.
On standalone basis, SBI's profit declined 35 per cent to Rs 2,538.32 crore, from Rs 3,879.07 crore. Total income was Rs 50,742.9 crore as against Rs 46,854.8 crore in the same period a year ago.
Provisioning for non-performing assets (NPAs) or bad loans on group basis rose nearly three-fold to Rs 15,326.91 crore during the quarter under review, as against Rs 5,330.96 crore in the same period of last financial year.
As of September 30, the bank's gross NPAs deteriorated to 7.14 per cent of gross advances, compared with 4.15 per cent year a year ago. Similarly, the net NPAs rose to 4.19 per cent from 2.14 per cent.