Loss of Rs 4,876 crore for Q1 Reported by SBI

Loss of Rs 4,876 crore for Q1 Reported by SBI

New Delhi: Standalone net loss of Rs 4,876 crore for the quarter of June has been reported by the largest domestic lender of the country, State Bank of India (SBI). Notably, this is the third consecutive quarter where SBI reported the loss in terms of assets.

The first lost by the bank was reported of Rs 2,416 crore in the December quarter of Financial Year 2018 whereas in the March quarter the loss was reported to be Rs 7,718 crore. It should be noted that the PSU bank reported the profit of Rs 2005 crore in the March quarter in the year-ago period.

The provisions and contingencies reported by the bank for the June quarter is of Rs 19,228 crore which is almost double as compared to Rs 8,929 crore in the year-ago quarter whereas the same was reported to be Rs 28,096 crore in March quarter.

The net interest income (NII) for the bank for June quarter stood at Rs 21,798 crore which was Rs 17,606 crore last year. It was expected that the NII will be around Rs 20,426 crore in a poll conducted by ETNow. The bank recorded an increase of 7.1 per cent in the interest earned for the quarter. It was recorded to be Rs 58,813 crore as compared to Rs 54,905 crore from last year.

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There is a marginal decline in the gross non-performing assets as they went to 10.69 per cent for the June quarter as compared to 10.91 per cent in March quarter. The gross non-performing assets were recorded to be 9.97 per cent in the June quarter of last year.

The SBI informed in a BSE filing that provisions made by the SBI towards the arrears of wages due to revision with effect from November 1, 2017, till June 39, 2018, were recorded to be Rs 2,655 crore which was Rs 1,659 crore till March 31.

SBI informed that during the quarter, the bank, having regard to legal advice, has appropriated an amount of Rs 1,952.94 crore in one case in accordance with the resolution plan approved by the National Company Law Tribunal (NCLT), against which appeals are pending before the NCLAT.