City Union Bank posts Rs 140 crore profit

Image for representational purpose | Reuters

Heavy loan loss provisions has dragged State Bank of India's first quarter net profit down 20 per cent.

Loan loss provisions nearly doubled to Rs 12,215 crore. Asset quality for the bank during the quarter witnessed a marginal improvement.

Its total expenses were at Rs 715.78 crore as compared to Rs 599.28 crore in June quarter last fiscal. Gross non-performing assets (NPAs) ratio declined sequentially, and was 13.05% as on June 30, 2017, against 13.22% as on March 31, 2017. The revenue from the offshore segment however declined to Rs 275.91 crore from Rs 417.10 crore in the year-ago quarter.

Net NPA has reduced in quantum and the higher net NPA is due to contraction of credit by 9.26 per cent year on year, it said.

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Net interest income was up 22 per cent year on year at Rs 17,606 crore. On the good side, bank cost to income ratio fell to 61.40 per cent for the quarter from 63.62 per cent same period year ago.

In a statement issued here, the bank said it had earned a net profit of Rs 140 crore for the period ended June 30, 2017, up from Rs 124 crore earned during the corresponding period of the previous year.

The stock gained 3.77 per cent to settle at Rs 158.45 on BSE.

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