State Bank of Travancore posts Rs 588 cr loss in Q2

State Bank of Travancore (SBT), an associate of SBI, today posted a loss of Rs 587.68 crore for the second quarter ended September 30 as bad loans surged almost three times.

The bank had posted a net profit of Rs 102.80 crore for the July-September period of FY2015-16.

The bank's total income for the July-September quarter of the current fiscal rose to Rs 2,775.15 crore from Rs 2642.93 crore in the year-ago period.

Gross non-performing assets (NPAs) rose nearly four-fold to 11.55 per cent of gross advances from 3.82 per cent a year ago. The net NPAs also increased to 7.20 per cent from 2.27 per cent.
 

As a result, provisions and contingencies also increased nealy four-fold to Rs 786.99 crore as against Rs 231.32 crore in the same quarter a year ago.