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SBI Q1 net profit jumps five-fold to `2,006 cr

SBI Q1 net profit jumps five-fold to `2,006 cr
The country's largest lender SBI on Friday reported over 5-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 in a statement that 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. "Historical data has been arrived at by aggregating the audited numbers of the erstwhile associate banks, Bharatiya Mahila Bank and SBI for comparison purposes." 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 per cent of the gross advances as on June 30, 2017, from 7.40 per cent as at end-June 2016.
Agencies

Agencies

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