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SBI Q1 net falls 20% to Rs 2,006 cr on spike in NPAs

Gross NPAs rise to 9.97% in quarter under review, from 6.94% a year earlier

Reuters 

SBI, State Bank of India, state bank, bank

State Bank of India, the nation's biggest lender by assets, posted a 20 per cent fall in first-quarter profit as provisions for bad loans soared.

Net profit, not including contributions from subsidiaries, fell to Rs 2,006 crore in the quarter ended June 30, from Rs 2,521 crore a year ago, the state-run lender said on Friday. 

Analysts on average had expected the Mumbai-based bank to report a net profit of Rs 3,029 crore, according to Thomson Reuters data.

Gross non-performing assets (NPAs) as a percentage of total loans rose to 9.97 per cent at end-June from 6.90 per cent at March-end and 6.94 per cent a year earlier.

First Published: Fri, August 11 2017. 13:51 IST
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