Novartis India Q2 net up 18% at Rs 26 crore

SBI Q2 profit slumps 38% YoY to Rs 1,582 crore as provisions more than double

SBI Q2 net profit drops 37% to Rs 1581.5 crore due to higher provisions

However, on consolidated basis, the merged entity would have made a loss of Rs 557 crore in the same period last fiscal, as the associate banks had incurred huge losses due to higher slippages after the RBI's asset quality review forcing them to make additional provisions. A year ago, net NPAs stood at 4.19 per cent of advances.

Total income remained flat at Rs 5,067.78 crore during the quarter as against Rs 5,051.61 crore in the same period a year ago, the bank said in a statement.

Speaking to media, he said the watchlist at the end of September quarter was down to Rs 21,000 crore from Rs 24,000 crore as of the June quarter.

At 2.10 pm local time, the shares were up 6.45 per cent at Rs 334 on the BSE.

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While announcing the result, SBI Chairman Rajnish Kumar said gross slippages for the quarter stood at Rs 10,627 crore. Net interest income rose nearly 3 percent from a year earlier to 185.86 billion rupees while total provisions including for bad loans rose almost 27 percent to 184.18 billion rupees, the lender, majority owned by the Indian government, said on Friday.

The Kolkata-headquartered bank had registered a net profit of Rs 65.03 crore in the July-September quarter of the previous financial year.

On a consolidated basis, the bank's net profit for the quarter stood at Rs 1,952.30 crore from a loss of Rs 116.65 crore during the same quarter past year, the bank said in a filing with the Bombay Stock Exchange (BSE). Net NPAs increased to Rs 97,896.29 crore as against Rs 60,013.45 crore. The bank would fovus on small and micro industries, agriculture and retail. The banking giant has been improving its profitability and capitalisation over the last few quarters but had to contend with potential worsening of asset quality. Lenders have till December 13 to find a resolution, failing which they will be referred for insolvency proceedings. The surge in bad loans has choked new lending in an economy which needs revival in investment to help spur growth.

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