IPO gains lift SBI net manifold to `1840 cr

Why SBI Shares Soared Nearly 8% After Q2 Results: Five Things You Should Know

A year ago, net NPAs stood at 4.19 per cent of advances.

The drop came after the bank's bad loans had climbed since SBI merged its five subsidiary banks with itself earlier in the year.

Standalone profit of the bank fell sharply by 38 percent to Rs 1,581.55 crore, dented by higher provisions for bad loan accounts referred for insolvency proceedings at the National Company Law Tribunal (NCLT).

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At 2.10 pm local time, the shares were up 6.45 per cent at Rs 334 on the BSE.

State Bank of India's (SBI's) standalone net profit declined 37.9 per cent to Rs 1,581 crore in the second quarter (Q2) of FY18, from Rs 2,538 crore in the same period previous year, due to higher provisioning. On standalone basis, net profit plunged to Rs 1,582 crore from Rs 2,538.32 crore a year ago.

In absolute terms, its gross NPAs rose to Rs 186,114.60 crore, from Rs 105,782.96 crore at the second quarter of the previous fiscal. The bank's deposits grew 10.3 per cent from Rs 23.79 lakh crore as of September 2016 to Rs 26.23 lakh crore as of September 2017.

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MD and CEO of Allahabad Bank Usha Ananthasubramanian said that the bank had made higher provisioning during the quarter as the provision coverage ratio increased to 54.33 per cent in the second quarter as against Rs 47.60 crore in the previous second quarter.

During the reporting quarter, SBI sold its shares in life insurance business SBI Life for Rs 5,436 crore. Hence, annualised slippage ratio declined to 1.85 percent versus 5.38 percent QoQ, he added.

Speaking to media, he said the watchlist at the end of September quarter was down to Rs 21,000 crore from Rs 24,000 crore as of the June quarter. The surge in bad loans has choked new lending in an economy which needs revival in investment to help spur growth. The growth will be be around consumption (retail), bank executives said. In an analyst call, Kumar said, "I don't understand you analysts".

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Similarly, net NPAs rose to 8.84 per cent of net loans, from 8.59 per cent.

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