State Bank of India, the nation's biggest lender by assets, reported a second-quarter net profit of 15.82 billion rupees ($243.3 million), missing estimates, on higher provisions for bad loans. Share price gained 6.2 per cent to Rs 333.2 per share on the BSE.
Gross bad loans as a percentage of total loans stood at 9.83 percent at end-September compared with 9.97 percent at end-June. On standalone basis, net profit plunged to Rs 1,582 crore from Rs 2,538.32 crore a year ago.
On a consolidated basis, the bank's net profit for the quarter stood at Rs 1,952.30 crore from a loss of Rs 116.65 crore during the same quarter previous year, the bank said in a filing with the Bombay Stock Exchange (BSE).
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Net interest income, the difference between interest earned and expenses, increased by 2.6 per cent from Rs 18,119 crore in Q2FY17 to Rs 18,586 crore in Q2FY18.
Slippages from SBI's watchlist of potential bad loans amounted to Rs 10,424 crore, while the total watchlist stood at Rs 21,288 crore. Retail advances grew by just over 13 per cent from Rs 4.47 lakh crore to Rs 5.05 lakh crore as of September 2017. The year-ago numbers have also been restated after the merger.Its second-quarter profit was also helped by a stake sale in SBI Life Insurance, which listed last month. He added that loan growth for the current year was expected to be only 5 per cent.
Almost half of these came from the agriculture and small and medium enterprises accounts. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds. "The rate at which the slippage ratio has started coming down, we are hopefully in for some good times", Kumar said.