Lower net profit or net loss and higher provisioning against bad loans marked the first quarter results of three government-owned Indian banks declared on Friday.
Leading the pack was the State Bank of India (SBI) that reported a net profit of Rs 2,520.96 crore for the quarter ended June 30, 2016 -- down from Rs 3,692.43 crore in the corresponding quarter in 2015.
SBI's total income for the period under review increased to Rs 48,928.60 crore as against Rs 44,730.87 crore in 2015.
The bank's provisions went up to Rs 7,413.10 crore last quarter as compared to Rs 3,999.73 crore at the end of June, 2015.
SBI's gross Non-Performing Assets (NPA) stood at Rs 101,541.18 crore -- up from Rs 56,420.77 crore, while the net NPA stood at Rs 57,420.98 crore as against Rs 28,669.14 crore at the same time in 2015.
The Oriental Bank of Commerce (OBC) closed its first quarter with a net profit of Rs 100.69 crore as compared to Rs 257.84 crore in the corresponding quarter in 2015.
OBC's total income went down to Rs 5,392.70 crore last quarter from Rs 5,568.78 crore earned during the quarter ended on June 30, 2015.
The bank's provisions against bad loans and others went up to Rs 750.40 crore from Rs 577.65 crore provided for the same quarter in 2015.
OBC's gross NPA stood at Rs 17,208.91 crore -- up from Rs 8,577.04 crore, while the net NPA for OBC stood at Rs 11,734.30 crore -- up from Rs 5,357.77 crore in the June quarter in 2015.
The Central Bank of India reported a loss of Rs 599.81 crore for the quarter under review as compared to a net profit of Rs 203.60 crore in 2015.
The bank's total income went down to Rs 6,662.68 crore last quarter from Rs 7,098.99 crore earned during the corresponding quarter in 2015.
The provisions more than doubled to Rs 1,543.66 crore compared to Rs 580.75 crore in the year-ago period.
The bank's gross NPA stood at Rs 25,107.47 crore -- up from Rs 12,931.31 crore, while the net NPA shot up to Rs 14,231.73 crore as compared to Rs 7,447.94 crore in 2015.
--IANS
vj/lok/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app