SBI net profit falls, but asset quality improves

SBI was catapulted into the league of the top 50 global banks this year after it merged five subsidiary banks with itself

"Almost the entire list will go to the NCLT".

SBI said credit growth continued to be muted in Q2.

The bank's scrip jumped over 6 per cent to close at Rs 333, buoyed by news that bad loan accumulation had slowed.

"The idea for increased provisions is to enhance our loss absorption capacity". "Given that we would like to see corporates deleverage, it is only natural that their borrowings come down", said Kumar.

The state-owned lender reported a net profit of Rs 1,581.5 crore in the second quarter against Rs 2,538.3 crore in the corresponding quarter past year. The country's biggest lender had registered a profit after tax of Rs 2,006 crore in the corresponding period of the last fiscal.

Free DTC services for commuters during Odd-Even
However, the NGT refused to give any relaxation to two-wheelers from the rule. To this, the Delhi Government stated that this couldn't be said as of now.

State-owned Allahabad Bank today posted a 7.9 per cent rise in net profit at Rs 70.20 crore for the September quarter despite rise in non-performing assets (NPAs). "If you look at our operating income, the story is very strong".

Its capital adequacy ratio (CAR) stood at 13.56 per cent with tier-I of 10.96 per cent at the end of September 2017. "The effort will be to strengthen it further", he added. The bank's asset quality, however, improved during the July-September quarter as fresh slippages declined by more than half. Total slippages as a ratio of the loan book declined to 1.85 percent from 5.37 percent sequentially.

Analysts on average had expected a net profit of Rs2,696 crore, according to Thomson Reuters data. However, on a sequential basis, gross NPAs and net NPAs improved a bit to 9.97 per cent and 5.97 per cent, respectively. "My total market cap is Rs 2.8 lakh crore just because of corporate NPAs, which is a small part of my business". Kumar said with worldwide reporting norms on the anvil, the bank was making provisions closer to expected losses (on bad loans) than actual loans.

While announcing the result, SBI Chairman Rajnish Kumar said gross slippages for the quarter stood at Rs 10,627 crore.

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