SBI net profit slips 69% to ₹576 crore in second quarter

The country’s largest lender SBI Monday reported 69% decline in consolidated net profit to ₹576.46 crore in the second quarter ended September 30.

The country’s largest lender SBI Monday reported 69 per cent decline in consolidated net profit to ₹576.46 crore in the second quarter ended September 30.

SBI had reported a net loss of ₹4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans. (Priyanka Parashar/Mint)

The bank’s net profit was ₹1,840.43 crore in the July-September quarter of previous fiscal.

The bank had reported a net loss of ₹4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans.

Its total income (consolidated) rose to ₹79,302.72 crore in the quarter under review, compared to ₹74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

On asset quality, the gross non-performing assets (NPA) of the bank rose to 9.95 per cent of the gross advances as on September 30, 2018 from 9.83 per cent a year ago.

Net NPAs or bad loans stood at 4.84 per cent of the net advances, down from 4.53 per cent.

The provisions for bad loans came down to ₹10,381.31 crore during the quarter, from ₹16,842.18 crore in the same period a year ago.

On standalone basis, the bank’s net profit was down at ₹944.87 crore as against ₹1,581.55 crore.

The lender’s income was ₹66,607.98 crore in the July-September quarter, up from ₹65,429.63 crore.

Shares of the bank closed 3.45 per cent higher at ₹295.30 on BSE.