Shares of SBI fall on weak Q3 earnings

Shares of SBI fall on weak Q3 earnings

State Bank of India on February 9 reported a net loss of 24.2 billion rupees ($376 million) for the quarter to end December.

The bank has posted a net profit Rs303.06 crore for the three months ended 31 December compared to Rs373.48 crore in the same quarter past year. "Revenue from treasury operations has slowed".

Mumbai: Indian Bank Ltd on Monday said its third-quarter net profit fell 18.85% on the back of higher provisions and lower other income. Income from treasury operations saw a marginal increase to Rs 1,454 crore.

Punjab National Bank had a write-off of Rs 9,205 crore in 2016-17, followed by the Bank of India (Rs 7,346 crore), Canara Bank (Rs 5,545 crore) and the Bank of Baroda (Rs 4,348 crore). Public sector banks' (PSBs) write-off stood at Rs 27,231 crore in fiscal 2012-13, government data showed.

Net interest income, the difference between interest earned and interest expended, grew by 30.2 percent to Rs 1,623 crore compared to year-ago.

Provisions during the quarter increased 69.93% to Rs918.12 crore as against Rs540.29 crore in the year-ago quarter.

A central bank audit of SBI led to the addition of 232 billion rupees in bad loans, leading to higher provisions.

Asset quality improved during the quarter as the gross non-performing assets were lower at 6.27 percent from 6.67 percent in previous quarter and net NPAs were also declined at 3.30 percent from 3.41 percent QoQ.

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