State Bank of India June quarter net profit down 20% on loan loss provisions

State Bank of India June quarter net profit down 20% on loan loss provisions

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Heavy loan loss provisions has dragged State Bank of India’s first quarter net profit down 20 per cent.

Net profit in the reporting quarter was down to Rs 2,006 crore against Rs 2,521 crore.

Net interest income was up 22 per cent year on year at Rs 17,606 crore. Other income increased 11 per cent year on year to Rs 8,006 crore.

Loan loss provisions almost doubled to Rs 12,215 crore.

Consolidated net profit jumped to Rs 3,105.35 crore in Q1FY18 against Rs 867.32 crore a year ago.

SBI shares ended down 5.36 per cent or Rs 15.90 at Rs 280.65 on the BSE on Friday..

[“Source-thehindubusinessline”]