A massive pile up of bad loans at its subsidiaries pulled down by 99.6 per cent the consolidated net profit of nation’s largest lender SBI to Rs 20.7 crore for the September quarter, while its standalone provisioning rose 3-fold.
The bank had reported net profit of Rs 4,991.70 crore in the same quarter of last financial year, 2015-16.
The Gross Non-Performing Asset (GNPA) ratio for the SBI Group more than doubled to 8.49 per cent from 4.32 per cent while that of net NPA soared to 5.10 per cent from 2.27 per cent.
On a standalone basis, SBI’s own provisions jumped to Rs 8,686 crore from Rs 6,387 crore as the asset quality worsened with GPNAs almost doubling to 7.14 per cent as against 4.15 per cent, while net NPAs almost doubled to 4.19 per cent in the quarter from 2.14 per cent.