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SBI Posts Net Loss of Rs 2,416.4 Cr in Q3
State Bank of India (SBI) posted a standalone net loss of Rs Rs 2,416.4 crore for the quarter ended December 2017.
State Bank of India (SBI) posted a standalone net loss of Rs Rs 2,416.4 crore for the quarter ended December 2017.
SBI had posted an income of Rs 1,820 crore in December 2016.
"Net loss was due to lower trading income due to hardening of bond yields, higher corporate slippages leading to higher loan loss provisions and significant investment depreciation hit" said the bank in its filing.
The difference between interest earned and interest expended, grew by 5.17% to Rs 18,687.52 crore compared to last year, with loan growth of 2.52% at Rs 19.24 lakh crore in Year-on-year comparison.
The bank also reported a deposit growth of 1.86% at Rs 26.51 lakh crore for the quarter due to base effect on account of demonetisation, with 1.18% growth in CASA deposits and 7.05% in retail.
