Financial News

SBI Q4 net down 66% on Bad Loans

SBI’s provision towards bad loans alone was raised to Rs 12,139.17 crore during the last quarter of 2015-16, up from Rs 4,985.83 crore in the year-ago period.

Showing a high level of stress in its loan book, the bank said slippages during the quarter stood at about Rs 30,000 crore, while Chairman Arundhati Bhattacharya said accounts worth Rs 31,000 crore were put on ‘special watch list’.

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Net profit of State Bank of India in the fourth quarter of the previous fiscal, 2014-15, was Rs 3,742 crore. Its total income on standalone basis increased to Rs 53,526.97 crore in the quarter under review, from Rs 48,616.41 crore a year ago.

Bhattacharya said the decline in net profit was due to the impact of asset quality review (AQR) to the extent of Rs 9,000 crore during the period. She said the levels of stressed assets and NPAs had come down due to AQR impact as well.

“Slippages during the last quarter of last fiscal were to the tune of Rs 30,000 crore, out of which Rs 1,000 crore was due to SME and agriculture, while Rs 29,000 crore was on account of large and mid corporates,” Bhattacharya said at a news conference here yesterday.

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