SBI reports Q3 net loss of Rs 1,887 cr

The SBI reported a massive Rs 1,886.57 crore net loss for the December quarter of current fiscal as its bad loans and provisions spiked.

It had, in contrast, reported net profit of Rs 2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.

The nation’s largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 2017-18.

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.

In absolute or gross terms, the bank at the standalone level had Rs 1,99,141.43 crore of its assets as non- performing, up from Rs 1,08,172.32 crore in the comparable period in 2016.

Similarly, its net non-performing assets almost doubled to Rs 102,370.12 crore, up from Rs 61,430.45 crore, State Bank of India said.

(Agencies)

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