Mumbai: SBI on Friday reported a better than expected quarterly numbers by more than doubling its net profit for the quarter that ended on December due to lower provisions for bad loans and rise in other income.
This is the first time since Sept. 2015 that SBI has reported a rise in its quarterly numbers suggesting the worst is over. SBI posted a net profit after tax of Rs 2,610 crore, up 134 per cent from Rs 1,115 crore during the same period last year.
The gross NPAs rose marginally to 7.23 per cent from 7.14 per cent Q2FY17 while the net NPAs' stood at 4.24 per cent as against 4.19 per cent during the previous quarter. However, the bank reported a marginal drop in fresh slippages, which stood at Rs 10,185 crore during the period.
“The fresh slippages are very much within the guidance that had been given by us. We have guided for above Rs 40,000 crore of fresh slippages for this financial year and of which we have Rs 29,316 crore in the three quarters,” said SBI chairperson Arundhati Bhattacharya. She added that 73% of the fresh slippages in the quarter came from the watch list, which currently stands at Rs 17,992 crore.
