SBI posts Q4 net loss of Rs 7,718 cr on higher bad loans provisions; gross NPAs up at 10.91%

SBI posts Q4 net loss of Rs 7,718 cr on higher bad loans provisions; gross NPAs up at 10.91%

The country’s largest lender SBI on Tuesday posted a standalone net loss of Rs 7,718.17 crore for the March quarter due to higher non-performing assets (NPAs).

The bank had reported a net profit of Rs 2,814.82 crore in the corresponding period of 2016-17.

Sequentially, the loss widened from Rs 2,416.37 crore in the third quarter ended December 2017.

Total income during the January-March quarter was up at Rs 68,436.06 crore, from Rs 57,720.07 crore in the same period a year earlier, the bank said in a regulatory filing.

Gross NPAs, as a percentage of gross loans, jumped to 10.91 percent from 6.90 percent at March-end 2017.

Net NPAs rose to 5.73 percent of the net advances compared to 3.71 percent last year.

Stock of SBI was trading 5.2 percent up at Rs 257.85 on BSE in afternoon trade.