SBI reports Rs 4,875 crore loss in Q1

NEW DELHI: State Bank of India (SBI), the country‘s largest lender has reported a standalone loss of Rs 4,875.75 crore in the first quarter (April – June) of the financial year 2018-19. This the third successive quarter wherein the bank has reported loss, having declared a Rs 7,718.17 crore loss in the fourth quarter and that of Rs 2,416 crore in the third quarter of the last fiscal year.

The bank had reported a standalone profit of Rs 2,005.53 crore in the corresponding quarter last year.

The total income of SBI in the reported quarter came at Rs 65,492.67 crore, up from Rs 62,911.08 crore in the same quarter last fiscal.

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The percentage of gross non-performing assets (NPAs) of the bank declined marginally to 10.69 per cent in this quarter, from 10.91 per cent in the last quarter. The net NPAs of the bank also saw a dip to 5.29 per cent this quarter, from 5.73 per cent in last one.

The bank appropriated an amount of Rs 1,952.94 crore during the reported quarter in one case in accordance with the resolution plan approved by the National Company Law Tribunal (), against which appeals are pending before the NCLAT, a statement issued by SBI said.

At 2.23 pm, the SBI stock was up 1.60 per cent at Rs 321.50 on the BSE, while the broader market was 0.20 per cent in the red.

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