SBI Q2 profit falls 33%

State Bank of India (SBI), the country’s largest lender, on Wednesday posted a 33 per cent drop in net profit at Rs 3,072.77 crore for the quarter ended September 30 after higher provisioning for bad debts.

The bank’s consolidated profit was Rs 4,575.31 crore a year earlier.

Total income on a consolidated basis rose to Rs 53,118.63 crore from Rs 49,917.47 crore in the same period a year ago, SBI said in a BSE filing.

On a standalone basis, SBI’s profit declined 35 per cent to Rs 2,375 crore from Rs 3,658.1 crore. Total income was Rs 37,199.92 crore as against Rs 32,953.47 crore in the same period a year ago.

This is the bank’s first earnings after Arundhati Bhattacharya took over as Chairperson on October 7.

Provisions for non-performing assets during the quarter rose to Rs 2,645.40 crore as against Rs 1,837.19 crore in the same period of the previous financial year.

As of September 30, the bank’s gross non-performing assets (NPAs) deteriorated to 5.64 per cent of gross advances, compared with 5.15 per cent year a year ago. Net NPAs rose to 2.91 per cent from 2.44 per cent.

SBI shares traded at Rs 1,724.90, up 2.95 per cent on the BSE.