SBI Q1 net profit plunges 78% to Rs 1,046 crore

Country's largest lender State Bank of India today reported a massive 77.8 per cent fall in its net profit to Rs 1,046 crore for the June quarter due to nearly two-fold jump in provision for bad loans.
The bank had a consolidated net profit of Rs 4,714 crore in the corresponding quarter last year.
However, its total income during the three-month period rose to Rs 69,415 crore against Rs 63,164.5 crore in the April-June quarter of 2015-16.
Provision for bad loans witnessed nearly a two-fold increase to Rs 6,340 crore, against Rs 3,358.58 crore in the year-ago period.
Its gross non-performing assets (NPAs) rose to 6.49 per cent of total advances at the end of June, against 4.29 per cent a year ago.

On standalone basis, the bank's net profit decreased by 32 per cent to Rs 2,520.9 crore for the quarter ended June 30, against Rs 3,692.4 crore in the year-ago period.

Total income on standalone basis increased to Rs 48,928.6 crore during the quarter, against Rs 44,730.87 crore in the same period a year ago.
In value terms, SBI's Gross NPAs almost doubled to Rs 1,01,541 crore (6.49 per cent of loans) during the June quarter, from Rs 56,420.77 crore (4.29 per cent) in the year-ago period.
Net NPAs of the bank also rose to Rs 57,420.98 crore (4.05 per cent) at the end of the first quarter, against Rs 28,669.14 crore (2.24 per cent) in the year-ago period.

SBI shares were trading 8.70 per cent up at Rs 246.70 apiece on the BSE.