SBI reports Rs 4,876 crore loss in Q1 on higher provisions

New Delhi: State Bank of India, the country’s biggest lender reported Rs 4,876 crore loss for the April-June quarter despite reporting higher net interest income (NII) as provisions for bad loans increased. Analysts polled by ET NOW were expecting SBI to report a net profit of Rs 242 crore. In the year-ago quarter, SBI had reported a net profit of Rs 2,005 crore while in the March quarter it reported a loss of Rs 7,718 crore.SBI made a total provision of Rs 19,228 crore including Rs 13,038 crore for stressed assets in the preceding quarter as against Rs 8,929 crore in the year-ago quarter.

The state-owned lender’s NII, the excess of interest earned over interest expended, rose to Rs 21,798 crore against Rs 17,606 crore year-on-year. Analysts polled by ET NOW had estimated SBI’s NII at Rs 20,426 crore. Analysts say SBI’s NII is much better than the Street estimates.
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Meanwhile, non-performing assets of the lender declined on a sequential basis. Its absolute NPA stood at Rs 2.13 lakh crore at the end of June 30, 2018 compared to Rs 2.23 lakh crore in the Q4. As a percentage of total assets, gross NPA stood at 10.69 per cent as against 10.91 per cent quarter-on-quarter while its net NPAs improved 44 basis points sequentially to 5.29 per cent.Slippages or fresh loans that turned NPA in Q1 stood at Rs 9,984 crore compared to Rs 33,670 crore in Q4. SBI said loans worth Rs 14,856 crore were upgraded and recovered in the preceding quarter.As of 2.28 pm, SBI shares were trading flat at Rs 316.50, recovering from its intraday lows. in last three weeks, SBI shares have rallied nearly 23 per cent.
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