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The India’s largest lender, State Bank Of India reported the loss for the third straight quarter in the financial report of Q1 FY19. The bank posted a net standalone loss of Rs. 4875.85 crore which is a steep downfall from the Rs. 2005.53 crore profit it posted in the same quarter of previous financial year.
State Bank of India encountered its first ever loss in December Quarter of FY18 of Rs. 2416.40 crore then in March Quarter of Rs. 7718.17 crore. The bank’s gross NPA stood at 10.69% in the quarter under review. The bank’s gross NPA was 9.97% in the previous June-end quarter and 10.91% in the March-end quarter of 2018.
In the June quarter, the provisions and contingencies are reported at Rs. 19228.26 crore in contrast to Rs. 8929.48 crore from a year ago. Net Interest Income (NII) of the bank went up by 23.8% to Rs. 21798.36 crore in comparison to Rs. 17606.07 crore of last year same quarter.
