SBI reports Q3 loss at Rs 2,416 crore; provisions for bad loans rise 6%

The bank reported a rise in gross NPAs at 10.35% as against 9.83% in the previous quarter ended September.

India's largest bank, State Bank of India (SBI), on Friday said it closed the third quarter of the current fiscal with a net loss of Rs 2,416.37 crore.

In a regulatory filing to the BSE, the bank said it had posted a net loss of Rs 2,416.37 crore for the quarter ended on December 31 as against a net profit of Rs 2,610 crore posted during the corresponding period the previous year.

For the quarter ended on December 31, 2017, SBI had earned a total income of Rs 62,887.06 crore, up from Rs 53,587.51 crore in the quarter ended on December 31, 2016.

During the quarter under review, the provisions shot up to Rs 18,876.21 crore, from Rs 8,942.83 crore in the previous corresponding period.

The SBI's gross non-performing assets (GNPA) stood at Rs 199,141.34 crore and the net NPA stood at Rs 102,370.12 crore as on December 31, 2017, up from GNPA of Rs 108,172.32 crore and net NPA of Rs 61,430.45 crore during the same period last fiscal.

Gross bad loans as a percentage of total loans stood at 10.35% at end-December, compared with 9.83% in the previous quarter.

Net NPAs too rose at 5.61% as compared to 5.43% in previous quarter.

On Friday, the lender's scrip on BSE closed 1.68% lower at Rs 296.40.

(With agency inputs)