SBI shares tumble over 5 per cent on Q1 hefty loss of Rs 4,876 cr
The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal.
New Delhi: Shares of SBI on Friday tumbled over 5 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.
Following the results, shares of the company erased early gains and tanked 4.85 per cent to Rs 301.10 on BSE. On NSE, shares of the company dropped 5.32 per cent to Rs 300.50.
The country's largest lender SBI on Friday reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans. The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.
The bank's gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago. However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier.
Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.