SBI slips after weak Q1 results

State Bank of India fell 0.46% to Rs 315 at 14:29 IST on BSE after the bank reported net loss of Rs 4875.85 crore in Q1 June 2018 compared with net profit of Rs 2005.53 crore in Q1 June 2017.

The result was announced during trading hours today, 10 August 2018.

Meanwhile, the S&P BSE Sensex was down 110.35 points, or 0.29% to 37,914.02.

On the BSE, 45.68 lakh shares were traded in the counter so far compared with average daily volumes of 18.58 lakh shares in the past two weeks. The stock had hit a high of Rs 325.85 and a low of Rs 301.60 so far during the day. The stock hit a record high of Rs 351.50 on 26 October 2017. The stock hit a 52-week low of Rs 232 on 27 April 2018.

Total income rose 4.10% to Rs 65492.67 crore in Q1 June 2018 over Q1 June 2017.

The bank's gross non-performing assets (NPAs) stood at Rs 212839.92 crore as on 30 June 2018 as against Rs 223427.46 crore as on 31 March 2018 and Rs 188068.49 crore as on 30 June 2017.

The ratio of gross NPAs to gross advances stood at 10.69% as on 30 June 2018 as against 10.91% as on 31 March 2018 and 9.97% as on 30 June 2017.

The ratio of net NPAs to net advances stood at 5.29% as on 30 June 2018 as against 5.73% as on 31 March 2018 and 5.97% as on 30 June 2017.

State Bank of India (SBI) said that executive committee of central board (ECCB) accorded approval to explore and initiate the process of divestment upto 4% of stake of SBI in SBI General lnsurance Company to a non-promoter entity through small parcel share sale (SPSS). The announcement was made after market hours yesterday, 9 August 2018.

Government of India holds 57.66% stake in SBI (as on 30 June 2018).

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