Big flop show: SBI Q3 net loss at Rs 1887 crore

Bank of Baroda Q3 profit sinks 56% as provisions for bad loans nearly double

SBI reported a surprise loss hurt by lower trading income on "hardening" bond yields and higher bad loan provisions.

The bank had made net profit of Rs 93.56 crore in the October-December quarter of last fiscal, 2016-17.

The SBI's gross non-performing assets increased to 10.35% of gross advances as compared to 9.83% in the July-September 2017 quarter.

"Not only for SBI, for most other banks also at least the next two quarters will remain challenging because of the provisions for the bankruptcy cases", he said.

The gross dud assets ratio jumped meanwhile from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.

The numbers were crimped by higher credit cost as well which for the first nine months has shot up to 3.18 per cent.

Turkish, Iranian, Russian presidents to meet in Istanbul
He again called the Turkish offensive in Afrin and intended operation in Manbij as a distraction from the fight against Daesh.

Thus, the bad loan provisions for the quarter rose 92.61 per cent to Rs 3,155 crore as against Rs 1,638 crore in the year-ago period.

Kumar said the bank has signed an agreement with the government to raise Rs 20,000 crore in core equity from non-promoter investors, beyond the Rs 8,800 crore it expects through a preference issue to the government soon. "The slippage ratio for nine months was lower than past year and we aim to contain fresh slippages within two per cent in FY19", he said adding that the bank has provided almost 60 per cent towards cases under resolution via NCLT.

The Calcutta-based bank envisages a provisioning requirement of Rs 722.12 crore in the January-March quarter for stressed assets. The growth in retail loans stood at 13.59%, and that in agricultural loans at 5.88%.

Interest income during the quarter was Rs 3449.55 crore, compared with Rs 4192.47 crore in the corresponding previous period.

The SBI scrip closed 1.68 per cent down at Rs 296.40 on the BSE as against a 1.18 per cent correction in the benchmark.

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