SBI Q2 profit falls 37% despite stake sale in life insurance venture

SBI was catapulted into the league of the top 50 global banks this year after it merged five subsidiary banks with itself

SBI was catapulted into the league of the top 50 global banks this year after it merged five subsidiary banks with itself

"During the quarter, fresh slippage to NPA category was around Rs 2,000 crore", the lender's Managing Director and CEO Usha Ananthasubramanian told reporters here.

Public sector Dena Bank's net loss more than quadrupled to Rs 185.02 crore during the second quarter ended September.

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.

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Gross bad loans as a percentage of total loans was 12.62 percent at end-September compared with 13.05 percent a quarter earlier, and 13.45 percent a year earlier. We expect asset quality to gradually improve. Kumar said with global reporting norms on the anvil, the bank was making provisions closer to expected losses (on bad loans) than actual loans.

The lender's non-interest income at Rs 16,016 crore was a 58 per cent increase over the same quarter past year at Rs 10,146 crore and double over the previous quarter's Rs 8,006 crore. Share price gained 6.2 per cent to Rs 333.2 per share on the BSE. Provision Coverage Ratio (PCR) for bad loans increased from 60.79 per cent in Q1FY18 to 65.10 per cent in Q2FY18. The fee income was up by 6 per cent from Rs 5,054 crore. "The bank has taken front loaded provisions on the NCLT related account is a very positive sign".

The company declared its September 2017 quarter results on November 10, 2017, posting a revenue decline by 3% and net profit declined by 62.1% as compared to corresponding quarter in the previous year.

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Gross NPAs' ratio fell to 9.83 per cent from 9.97 per cent in the previous quarter. Acceleration in dealing with stressed assets, an economic turnaround and rising demand from retail loans may bring in better days and help the bank emerge stronger, it said.

Instead, the NPAs worsened from a year ago, with gross NPAs at 7.14 per cent and net NPAs at 4.19 per cent as on September 2016.

Corporate credit growth is also expected to be muted after SBI which is among the top lender to corporates and infrastructure projects, said that retail loans will drive its loan growth. It's deposits portfolio rose 10.2% to Rs 26,23,180 crore while advances growth remained slow.

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On capital raising plans, the SBI chief did not indicate specific steps to raise more capital but added that at present the capital position of the bank was strong and would like it to be stronger.

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