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SBI Posts Quarterly Loss Of Rs 2,416 Crores


State Bank of India posted a net loss of Rs 2,416.40 crores for the quarter ending Dec 31, 2017, hit hard by hardening bond yields and slippages. Investors were completely stunned by the numbers and were largely expecting the bank to report a net profit.

SBI Posts Quarterly Loss Of Rs 2,416 Crores
"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," the bank said in its filing to the BSE.

The bank saw its non-interest income decline by 29.75 per cent, from Rs 11,507 crore to Rs 8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations. Similarly, non-fee income fell 18.38 per cent from Rs 14,401 crore to Rs 11,755 crore. Fee income rose from Rs 4,710 crore to Rs 4,979 crore -- a growth of 5.71 per cent.

Gross non-performing assets (as a percentage of gross advances) were higher at 10.35 percent compared to 9.83 percent in previous quarter and net NPAs at 5.61 percent in December quarter were higher compared to 5.43 percent in September quarter.

The shares of SBI are expected to open weak in trade on Monday.

Read more about: sbi
Story first published: Saturday, February 10, 2018, 10:47 [IST]
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