SBI Reports Net Loss Of Rs. 4,876 Crore

     Written by : SMTV24x7 | Fri, Aug 10, 2018, 05:36 PM

SBI Reports Net Loss Of Rs. 4,876 Crore

Hyderabad, Aug 10: The country's largest bank State Bank of India (SBI) on Friday reported a net loss of Rs 4,875.85 crore for the quarter ended June as its provisions for bad loans rose by more than 70 percent year on year.

This is the third straight quarterly loss posted by the public sector lender.

The country's largest bank had registered a net profit of Rs. 2,006 crore for the corresponding period a year ago.

For the quarter ended June 30, 2018, SBI reported a revenue of Rs. 58,813 crore, as against Rs. 55,941 crore a year ago.

The net loss was attributable to higher provisions for non-performing assets (NPAs) - or bad loans.

Provisions stood at Rs. 19,499 crore in Q1, as against Rs. 9,051 crore in the year-ago period.

For the quarter under review, SBI received a tax write back of Rs 2,379 crore against tax paid of Rs 939.05 crore in Q1 FY18. This helped reduce the losses.

The state-owned bank had reported a net loss of Rs 7,718 crore for the March quarter. In June quarter last year, SBI had reported a net profit of Rs 2,005.5 crore.

According to the average of estimates of analysts polled by Reuters, the bank was likely to report a loss of Rs 30.6 crore for the quarter under review. Motilal Oswal had in fact projected the bank to post a net profit of Rs 1,683 crore.