SBI net profit falls in Q1, NPAs increase

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.