State Bank of India's Q4FY18 disappointing; logs net loss of Rs 7718 cr, provisions double
A bloomberg poll of analysts expected SBI to report of Rs 1,728 crore during this quarter.
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02:21 PM IST
Largest lender State Bank of India (SBI) missed analysts estimate during fourth quarter ended March 2018 result, by reporting a disappointing earnings. SBI posted a net loss of Rs 7,718.17 crore in Q4FY18 compared to net loss of Rs 3,442 crore in the corresponding period of previous year. Q4FY18 net loss widened compared loss of Rs 2,416.37 crore in the preceding quarter.
A bloomberg poll of analysts expected SBI to report of Rs 1,728 crore during this quarter.
The bank’s net loss widened on the back of higher provisions and gross NPAs.
Provisions during this quarter were at Rs 28,096.07 crore, which saw a massive 139.32% increase compared to Rs 11,740.09 crore a year ago same period. Also provisions rose by 48.84% as against Rs 18,876.21 crore in the preceding quarter.
Provision coverage rate as on March, 2018 stood at 66.17%.
As for gross NPA, this surged by 98.88% to Rs 2,23,427.46 crore in Q4FY18 versus GNPA of Rs 1,12,342.99 crore of Q4FY17. This was also up by 12.20% from GNPA of Rs 1,99,141.34 crore in Q3FY18.
In percentage terms, GNPA stood at 5.73% in Q4FY18 versus 3.71% in Q4FY17 and 5.61% in Q3FY18.
Net Interest Income (NII) came in at Rs 19,974.28 crore during this period, registering decline of 5.11 % from Rs 21,065 crore in Q4FY17. However, the bank recorded growth of 6.89% from Rs 18,687.52 crore in Q3FY18.
Following the result announcement, SBI share price surged by 2.41% or Rs 5.90 trading at Rs 251 per piece on BSE.
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