SBI standalone profit falls 37.7%

Rajnish Kumar State Bank of India Chairman

The drop came after the bank's bad loans had climbed since SBI merged its five subsidiary banks with itself earlier in the year.

Provisioning for non-performing assets (NPAs) or bad loans by the bank more than doubled to Rs 16,715.20 crore during the quarter under review, against Rs 7,669.66 crore in the same period of last financial year. Also, the bank said that it has made use of exceptional earnings from sale of shares of its subsidiary SBI Life Insurance through an IPO to make accelerated provisions for bad loans.

State-run Allahabad Bank on Friday reported close to 8 per cent growth in its net profit to Rs 70.20 crore for the quarter ended September 30, as compared to Rs 65.03 crore for the year-ago period.


Analysts on average had expected a net profit of 666 million rupees, according to Thomson Reuters Eikon data. The bank's deposits grew 10.3 per cent from Rs 23.79 lakh crore as of September 2016 to Rs 26.23 lakh crore as of September 2017. GNPA stood at Rs 1,05,782 crore at the end of Q2 FY17. The annualised slippage ratio declined to 1.85 per cent compared to 5.28 per cent during the June quarter.

While announcing the result, SBI Chairman Rajnish Kumar said gross slippages for the quarter stood at Rs 10,627 crore. "The watchlist at the end of September quarter was down to Rs 21,000 crore, from Rs 24,000 crore as of June quarter 2017", Kumar said. Credit growth is likely to be in the region of 5-6 per cent for FY18, as corporate demand is likely to remain muted. Net interest income rose nearly 3 percent from a year earlier to 185.86 billion rupees while total provisions including for bad loans rose almost 27 percent to 184.18 billion rupees, the lender, majority owned by the Indian government, said on Friday. Majority might be going to the National Company Law Tribunal as there are very few accounts that can be resolved outside, Kumar said.

Almost half of these came from the agriculture and small and medium enterprises accounts.

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