State Bank of India on Friday reported a massive 77.8 per cent fall in its net profit to Rs 1,046 crore (Rs 10.46 billion) for the June quarter because of nearly two-fold jump in provision for bad loans.
The bank had a consolidated net profit of Rs 4,714 crore (Rs 47.14 billion) in the corresponding quarter last year.
However, its total income during the three-month period rose to Rs 69,415 crore (Rs 694.15 billion) against Rs 63,164.5 crore (Rs 631.64 billion) in the April-June quarter of 2015-16.
Provision for bad loans witnessed nearly a two-fold increase to Rs 6,340 crore (Rs 63.4 billion), against Rs 3,358.58 crore (Rs 33.58 billion) in the year-ago period.
Its gross non-performing assets rose to 6.49 per cent of total advances at the end of June, against 4.29 per cent a year ago.
On standalone basis, the bank's net profit decreased by 32 per cent to Rs 2,520.9 crore (Rs 25.2 billion) for the quarter ended June 30, against Rs 3,692.4 crore (Rs 36.92 billion) in the year-ago period.
Total income on standalone basis increased to Rs 48,928.6 crore (Rs 489.28 billion) during the quarter, against Rs 44,730.87 crore (Rs 447.3 billion) in the same period a year ago.
In value terms, SBI's Gross NPAs almost doubled to Rs 1,01,541 crore or Rs 10,15.41 billion (6.49 per cent of loans) during the June quarter, from Rs 56,420.77 crore or Rs 564.2 billion (4.29 per cent) in the year-ago period.
Net NPAs of the bank also rose to Rs 57,420.98 crore or Rs 574.2 billion (4.05 per cent) at the end of the first quarter, against Rs 28,669.14 crore or Rs 286.69 billion (2.24 per cent) in the year-ago period.
