SBI reports Rs 2416 cr loss in Q3

SBI reports Rs 2416 cr loss in Q3

Bank of Baroda Ltd said on Friday its third-quarter net profit plunged almost 56 percent, as provisions for bad loans almost doubled.

On consolidated basis, the bank posted a net loss Rs 1,886 crore in the third quarter against a net profit of Rs 1,840 crore in Q2.

Interest income during the quarter was Rs 3449.55 crore, compared with Rs 4192.47 crore in the corresponding previous period.

Among other parameters, the net interest margin improved to 2.72 per cent during the quarter from 2.31 per cent in the year-ago quarter.

Total deposits of the bank stood at Rs 5.73 lakh crore as on December 31, 2017 against Rs 5.89 lakh crore at the end of December 2016. Higher provisions for stressed assets ate into the bank's bottomline even as interest income of the bank remained low.

Similarly, non-fee income fell 18.38 per cent from Rs 14,401 crore to Rs 11,755 crore. Over Rs 6,000 crore in provisions was due to the divergences.

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The board of the bank on Friday chose to consider further preferential allotment of shares to the government amounting to Rs 5,132 crore. He added that there may also be cases where there can be a write-back of money already set aside.

The Rs 20,000 crore infusion will reduce the government stake by up to 4 percentage points, he said.

The SBI's gross non-performing assets increased to 10.35% of gross advances as compared to 9.83% in the July-September 2017 quarter.

The bank feels economic revival is underway which has led it to up its loan growth target to 10.3 per cent in FY19 from the over 2 per cent achieved in the first nine months. "We are at the end of the NPA cycle and the scenario for next year looks very good".

The stock was trading lower 1.38 per cent at Rs 297.30 ahead of its Q3 earnings in a market where benchmark BSE Sensex was down 1.46 per cent at 33,909 at around 11.25 am.

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