SBI net profit falls in Q1, NPAs increase

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New Delhi, Aug 10 Ahmedabad-based air cooler company Symphony Ltd today reported a 23.82 per cent decline in standalone net profit at Rs 24.04 crore for the quarter ended June 30.

Provisions, funds set aside by bank for anticipated future losses, surged 53.1 percent to Rs 21,054.74 crore in June ended quarter from Rs 13,752.66 crore in the same quarter past year.

According to SBI, its net profit increased from Rs 374 crore during Q1 of the previous fiscal to Rs 2,006 crore during the quarter under review. "Historical data has been arrived at by aggregating the audited numbers of the erstwhile associate banks, Bharatiya Mahila Bank and SBI for comparison purposes".

The bank's asset quality worsened, with gross NPAs surged by 85.21 percent to Rs 1.8 lakh crore (Rs 1.88 trillion) at the end of the June quarter from Rs 1 lakh crore (Rs 1.01 trillion) in the same quarter previous year.

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State Bank of India (SBI) provision coverage ratio as on June 30, 2017 stood at 60.79 per cent.

Percentage of net NPA spiked to 5.97 per cent from 3.71 per cent QoQ.

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. On the other hand, the bank's advances for the quarter rose 27.37 percent to Rs 18.04 trillion from a year ago. Interest outgo during the quarter was down 19 per cent at Rs 488 crore (Rs 600 crore) due to pre-payment of loan.

Shares of country's largest lender State Bank of India (SBI) declined almost 4 per cent in the afternoon trade on Friday after the bank reported a big jump in its bad assets in June quarter earnings.

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