State Bank of India profit crosses Rs 1,800 crore in Q2

State Bank of India second quarter (Q2 FY18) consolidated profit rises to Rs 1,840.4 crore from Rs 20.7 crore a year ago.

However standalone profit of the bank dropped 38% to Rs 1,582 crore in the July to September quarter.

Total income on standalone basis increased to Rs 65,429.63 crore in July-September 2017 against Rs 50,742.9 crore in the same period a year ago, State Bank India said in a filing to stock exchanges.

As of September 30, the bank's gross NPAs deteriorated to 9.83 per cent of gross advances, compared with 7.14 per cent year a year ago. Similarly, the net NPAs rose to 5.43 per cent from 4.19 per cent.

Provisioning for non-performing assets (NPAs) or bad loans by the bank more than doubled to Rs 16,715.20 crore during the quarter under review, as against Rs 7,669.66 crore in the same period of last financial year.

In absolute terms, its gross NPAs rose to Rs 1,86,114.60 crore, from Rs 1,05,782.96 crore at the second quarter of the previous fiscal. Net NPAs increased to Rs 97,896.29 crore as against Rs 60,013.45 crore.

Total income on consolidated basis rose to Rs 74,948.52 crore during the second quarter of the current fiscal, from Rs 72,918.4 crore in the same period of 2016-17.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter.

SBI shares were trading at Rs 329.50, up 5.02 per cent on BSE.