SBI net profit falls in Q1, NPAs increase

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Mumbai, Aug 11 (IANS) The State Bank of India (SBI) on Friday said its net profit went down to Rs 2,005.53 crore during the first quarter of the 2017-18 fiscal.

The country’s largest mortgage lender’s gross non-performing assets (NPA) shot up to Rs 188,068.49 crore as of June 30, as against Rs 101,541.18 crore on June 30, 2016.

In a regulatory filing in BSE, the bank said it has posted a net profit of Rs 2,005.53 crore, down from Rs 2,520.96 crore on a standalone basis, for the quarter ended June 30.

During the first quarter of the current fiscal, the SBI earned a total income of Rs 62,911.08 crore, up from Rs 48,928.60 crore during the same period in the 2016-17 fiscal.

The bank’s provisions against bad loans shot up to Rs 12,125.26 crore for the period under review, up from Rs 6,339.56 crore for the quarter ended June 30, 2016.

–IANS

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