State Bank of India posts surprise loss in third quarter

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Provisions for bad loans shot up 70.8 percent sequentially and 92.7 percent year-on-year to Rs 3,155.28 crore for quarter ended December 2017. Gross non-performing assets for the quarter were higher at 11.31 percent compared to 11.16 percent in previous quarter while net NPAs were lower at 4.97 percent against 5.05 percent on sequential basis.

Bank of Baroda Ltd said on Friday its third-quarter net profit plunged almost 56 percent, as provisions for bad loans almost doubled.

In absolute or gross terms, the bank at the standalone level had Rs 1,99,141.43 crore of its assets as non- performing, up from Rs 1,08,172.32 crore in the comparable period in 2016.

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The company reported its net interest income, which is the difference between interest earned and interest expended, rose by 26.68 percent to Rs 18,687.52 crore, compared to Rs 14,751.54 crore previous year.

Apart from provisioning, the numbers were impacted by a Rs 3,500-crore hit from mark-to-market losses because of the hardening of yields, while Rs 700 crore had to be set aside on a wage hike for its 2.66 lakh staff who will be getting a 10 per cent hike.

The bank's stock closed 0.31 per cent down at Rs 65.20 on BSE.

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"Not only for SBI, for most other banks also at least the next two quarters will remain challenging because of the provisions for the bankruptcy cases", he said.

Total provisioning and contingencies for the quarter were raised to Rs 2,089.99 crore, from Rs 784.74 crore.

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.

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The lender said its interest income during the quarter was Rs 3,449.55 crore, as against Rs 4192.47 crore in the corresponding period a year ago. The growth in retail loans stood at 13.59%, and that in agricultural loans at 5.88%.

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