SBI swings into the red in Q3 at Rs 24.16 bn; NPAs rise 84% to Rs 2 trn

The bank reported a rise in gross NPAs at 10.35% as against 9.83% in the previous quarter ended September.

The SBI Group on Friday reported a massive Rs 18.8657 billion (Rs 1,886.57 crore) net loss for the December quarter of current fiscal as its bad loans and provisions spiked.

It had, in contrast, reported net profit of Rs 21.5214 billion for the October-December quarter of the last fiscal, 2016-17.

The nation's largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 2017-18.

The gross dud assets ratio jumped meanwhile from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.

In absolute or gross terms, the bank at the standalone level had Rs 1.9914143 trillion of its assets as non- performing, up from Rs 1.0817232 trillion in the comparable period in 2016.

Similarly, its net non-performing assets almost doubled to Rs 1.0237012 trillion, up from Rs 614.3045 billion, State Bank of India said in an exchange filing.

The bank saw its non-interest income decline by 29.75 per cent, from Rs 115.07 billion to Rs 80.84 billion, as net interest income plunged due to mark-to-market losses from its treasury operations.

Similarly, non-fee income fell 18.38 per cent from Rs 144.01 billion to Rs 117.55 billion.

Fee income rose from Rs 47.1 billion to Rs 49.79 billion - a growth of 5.71 per cent.