SBI reports Rs 7,718 crore loss
Written by : SMTV24x7 | Tue, May 22, 2018, 05:27 PM
New Delhi, May 22: The State Bank of India has reported a loss of Rs 7,718 crore in the quarter ended March due to hardening non-bonds yields and higher provision for bad loans.
From this aspect, AK Prabhakar, Head of research at IDBI Capital said that the management had already indicated that quarterly results will be "very bad", so this was anticipated. "SBI earlier indicated about Rs 50,000 crore of bad loans, but now fresh slippages came in at about Rs 33000 crore, which has been completely provided for," Prabhakar added.
The total provision for the quarter was 23,601 crore as compared to 20,751 crore a year ago.
The stock posted its biggest intraday gain since November 10, 2017.