Post merger, SBI's net profit is Rs 3.1K crore
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The State Bank of India (SBI), India's largest lender, reported on Friday a consolidated net profit of Rs 3,105.35 crore for the 3-month period that ended on June 30. This is the first quarterly result after the merger of its five associate banks and Bharatiya Mahila Bank, which took effect on April 1, 2017.
But the large accretion of bad loans was a dampener to an otherwise smooth exercise. The fresh bad loan additions during the quarter were about Rs 26,249 crore, taking the gross non-performing assets (NPAs) of the bank to Rs 1,88,068 crore. Arundhati Bhattacharya, Chairman, SBI, said, "About 95 per cent of the quarter's slippages are from the watch-list. But due to the mammoth exercise of the merger during the quarter, it was difficult for us to focus on recovery efforts."
On standalone basis, the net profit declined by over 20 per cent to Rs 2,006 crore as bad loans rose during the April-June period.
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