Disappointing show: SBI Q3 loss at Rs 1887 crore on divergences

Central Bank of India’s provisioning for bad loans and contingencies was at Rs3,427.03 crore during the quarter slightly down from Rs1,486 crore a year ago

Net profit came in at 1.12 billion rupees ($17.4 million) for the quarter ended December 31, compared with 2.53 billion rupees a year ago, said the country's third-largest state-run lender by assets. "The slippage ratio for nine months was lower than past year and we aim to contain fresh slippages within two per cent in FY19", he said adding that the bank has provided almost 60 per cent towards cases under resolution via NCLT. Net NPAs fell slightly at 5.44 per cent as against 5.63 per cent year ago.

In absolute value, it was at Rs 19,852.15 crore, as against Rs 19,006.33 crore.

Its watchlist accounts has now come down to Rs 10,400 crore, and Kumar asserted that there is no "chunky" asset that can slip into NPAs now.

Provisions other than tax and contingencies during the quarter was Rs 1,385.38 crore, compared with Rs 1,326.05 crore in the comparative quarter previous year.

He said the bank is targeting to lower the slippages to under 2 per cent in FY19 from 4.17 per cent in the first nine months of FY18, and also credit costs to 2 per cent.

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Deposits grew by just 1.86% year-on-year to Rs 26.51 lakh crore, the bank said. He added that there may also be cases where there can be a write-back of money already set aside.

During the quarter, the central government has infused Rs 1,375 crore by way of preferential allotment of equity shares. Gross and net NPA divergence stood at Rs 23,239 crore and Rs 17,518 crore, respectively, as of March 2017, with provision divergence at Rs 5,721 crore.

The bank saw its non-interest income decline by 29.75 per cent, from Rs. 11,507 crore to Rs. 8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations.

When stated that the bank's performance is generally taken as a proxy for the state of the economy, Kumar said SBI's 90-day performance should not be equated with the broader economic activity.

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

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