State Bank of India posts surprise loss in third quarter

Central Bank of India’s provisioning for bad loans and contingencies was at Rs3,427.03 crore during the quarter slightly down from Rs1,486 crore a year ago

Public sector lender Bank of Baroda today registered a decline of 56 per cent in its net profit at Rs 112 crore for the third quarter ended December.

That coupled with lower trading income due to rising bond yields resulted in a net loss of 24.16 billion rupees for the three months ending December 31, compared with a restated net profit of 18.20 billion rupees a year earlier.

Total income of the bank fell to Rs 5,945.15 crore during the third quarter of 2017-18, as against Rs 6,554.04 crore in the year-ago period.

Provisions for bad loans rose about 93 percent to 31.55 billion rupees.

Among other parameters, the net interest margin improved to 2.72 per cent during the quarter from 2.31 per cent in the year-ago quarter.

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Profitability: SBI's bottomline is seen under pressure because of higher provisioning and lower interest income. This was contrary to Bloomberg analysts' expectations of a net profit of Rs 2,059 crore, Moneycontrol reported.

Kumar said the bank has signed an agreement with the government to raise Rs 20,000 crore in core equity from non-promoter investors, beyond the Rs 8,800 crore it expects through a preference issue to the government soon.

Kumar made it clear that the new infusion is not for covering loan losses through provisions, but would serve as growth capital. The growth in retail loans stood at 13.59%, and that in agricultural loans at 5.88%.

SBI stated that asset quality lowered further on sequential basis; with gross non-performing assets (NPAs) increasing by 10.35 percent compared to 9.83 percent in the previous quarter, and net NPAs at 5.61 percent in the December quarter, compared to 5.43 percent in the September quarter. "We are at the end of the NPA cycle and the scenario for next year looks very good".

The SBI scrip closed 1.68% down at Rs 296.40 a piece on the BSE as against a 1.18% correction in the benchmark.

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