SBI Q1 net profit jumps five-fold to Rs2,006 crore

New Delhi, August 11

The country’s largest lender State Bank of India today reported over five-fold jump in consolidated net profit to Rs 2,006 crore for the June quarter of the current fiscal even as non-performing assets (NPAs) or bad loans spiked sharply.

Posting first quarterly earnings after the merger with its five associate banks and Bharatiya Mahila Bank Ltd (BMBL), the state-owned bank said its net profit in the April-June quarter of last fiscal, 2016-17, was Rs 374 crore.

It said the figures, ratios and other information are based on the merged audited numbers. Asset quality of the bank slipped substantially because of higher accruals of bad loans from the books of associates, it added.

There were slippages with gross NPAs rising to 9.97% of the gross advances as on June 30, 2017, from 7.40% as at end-June 2016.

Net NPAs or bad loans too soared to 5.97% of the net advances by June end of this fiscal, up from 4.36% in the year-ago period.

The operating income of the bank fell by 5.17% to Rs 25,612 crore during April-June quarter of 2017-18, as against Rs 27,007 crore in the same period a year ago. Deposits as on June 2017 rose by 13.28% to Rs 26,02,534 crore from Rs 22,97,426 crore.

Corporate Results

SAIL net loss widens to Rs 801.38 crore

Steel major SAIL today saw its standalone net loss widen to Rs 801.38 crore for the June quarter owing to higher expenses. The steelmaker had clocked a net loss after tax of Rs 535.52 crore in the corresponding quarter of 2016-17, the company said in a BSE filing. Total income of the Maharatna firm rose by 25.39% to Rs 13,072.77 crore in April-June this fiscal from Rs 10,424.95 crore during the same quarter in 2016-17. 

Hindalco net profit falls 1.5% to Rs 290 crore

Aluminium maker Hindalco on Friday reported a marginal fall of 1.5% in standalone net profit to Rs 289.60 crore for the first quarter ended June 30. Its total income rose to Rs 10,663.37 crore in April-June quarter of the current fiscal, from Rs 8,385.55 crore during the same period of 2016-17. — PTI