Hindalco net profit falls marginally on one-time provisioning

Share

India's biggest lender by asset, State Bank of India (SBI), on Friday reported 20.45 percent decline in its net profit for the quarter ended June 30 as bad loans spiked, reported Mint. With this, the airline has been profitable for the tenth successive quarter, during which profits grew by 18 %, said a statement issued by Spice Jet.

Standalone net interest income (NII) of SBI increased 22 per cent YoY to Rs 17,606.01 crore from Rs 14,437.31 crore.

The gross non performing assets for the largest banking entity in the country jumped to Rs 1.88 lakh crore from Rs 1.12 lakh crore in the fourth quarter of 2016-17, while net NPAs also rose to Rs 1.07 lakh crore from Rs 58,277 crore. "Historical data has been arrived at by aggregating the audited numbers of the erstwhile Associate Banks, Bharatiya Mahila Bank and SBI for comparison purposes", the statement said.

"Figures, ratios and other information are based on the merged audited numbers for June 2017". The firm's consolidated revenue from the shipping segment rose to Rs588.41 crore from Rs478.93 crore in the year-ago period. It was at Rs 69,414.82 crore year earlier.

More news: Sunderland street rocked by huge explosion - air ambulance called
More news: Serge Aurier set to sign a five-year deal with Manchester United
More news: Steven Gerrard enjoying first pre-season as Liverpool U18 head coach

However, its total expenses too shot up to Rs 6,315.60 crore, from Rs 2,812.40 crore in the first quarter of the last financial year, according to a regulatory filing.

Consolidated income (non-comparable) stood at Rs 70,776.56 crore in the first quarter of this fiscal.

Shares of country's largest lender State Bank of India (SBI) declined almost 4 per cent in the afternoon trade on Friday after the bank reported a big jump in its bad assets in June quarter earnings.

Share