SBI reports shock loss of Rs 4,876 crore in Q1 as provisions double to Rs 19,228 crore YoY

NEW DELHI: State Bank of India (SBI) on Friday reported a standalone net loss of Rs 4,875.85 crore for June quarter, which fell way short of Rs 242 crore profit projected by analysts in an ETNow poll. This was third straight quarter of losses for the largest domestic lender in terms of assets.

The PSU bank had reported Rs 7,718.17 crore loss in March quarter and Rs 2,005.53 crore profit in the year-ago period. In December quarter of FY18, the bank had reported a loss of Rs 2,416.40 crore, its first ever.

For June quarter, the bank reported provisions and contingencies of Rs 19,228.26 crore compared with Rs 28,096.07 crore in March quarter and Rs 8,929.48 crore in the year-ago quarter.


Net interest income (NII) for the quarter stood at Rs 21,798 crore against Rs 17,606 crore in the year-ago period. ETNow poll had a nticipated NII at Rs 20,426 crore. Interest earned for the quarter rose 7.1 per cent to Rs 58,813.18 crore from Rs 54,905.40 crore in same quarter last year.

Gross non-performing assets for the quarter as percentage total advances fell to 10.69 per cent in June quarter from 10.91 per cent in March quarter and 9.97 per cent in the year-ago quarter.

Net non-performing assets for the quarter declined to 5.29 per cent from 5.73 per cent in March quarter and 5.97 per cent in the year-ago quarter.

The bank made a provision of Rs 2,655.4 crore till June 30, 2018 (Rs 1,659.41 crores till March 31) towards arrears of wages due for revision with effect from November 1, 2017, the bank said in a BSE filing.

During the quarter, the bank, having regard to legal advice, has appropriated an amount of Rs 1,952.94 crore in one case in accordance with the resolution plan approved by the National Com;rany Law Tribunal (NCLT), against which appeals are pending before the NCLAT, SBI said.