SBI posts Q1 loss of Rs 4,876 cr as bad loans rise

The country's largest lender SBI reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.

The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.

However, total income during the three-month period rose to Rs 65,492.67 crore as compared to Rs 62,911.08 crore in the June quarter of 2017-18.

The bank's gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago.

However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier.

Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.

(Agencies)