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SBI net profit drops by 34.57% in Q2

NEW DELHI: The net profit of State Bank of India have fallen by 34.57 per cent at Rs 2,538.32 in September end quarter. Many domestic brokerages suffered a drop of 30-38 per cent in profit for the lender on higher slippages and accelerated provisioning.

In the September end quarter, the largest domestic lender was reported Rs 3,879.07.77 crore while the interest earned in the same quarter touched Rs 42,318.85 crore as compared to Rs 40,657.56 crore which was noticed in the same quarter last year.

In June quarter, Gross non-performing assets (NPAs) of SBI for the same quarter touched 7.14 per cent from 6.94 per cent while on a net basis, NPAs reached to 4.19 per cent from 4.05 per cent.

By the end of September, Absoulte gross NPAs touched Rs 1.05 lakh crore against Rs 1.01 lakh crore in Q1FY17.

In the second quarter, provision coverage ratio reached to 62.12 per cent higher than 61.57 per cent in the first quarter.

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