Mumbai: The SBI Group today reported a massive Rs 1,886.57-crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked.
It had, in contrast, reported a 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% of advances, from 4.24% during the third quarter of 2017-18.
The gross dud assets ratio jumped meanwhile from 7.23% to cross the double digits mark at 10.35% 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, SBI said in an exchange filing.
The bank saw its non-interest income decline by 29.75%, from Rs 11,507 crore to Rs 8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations. Similarly, non-fee income fell 18.38% from Rs 14,401 crore to Rs 11,755 crore. PTI