State Bank of India, the nation's biggest lender by assets, reported a second-quarter net profit of 15.82 billion rupees ($243.3 million), missing estimates, on higher provisions for bad loans.
As per directions for initiating Insolvency Process- Provisioning Norms, in respect of nine borrowal accounts covered under provisions of IBC, the bank was required to make additional provision of Rs 278.82 crore to be proportionately spread over three quarters starting from the second quarter, i.e. September 2017 in order to make required provision by March 2018, the bank said in a regulatory filing.
"The idea is that we enhance our loss absorption capacity", he told reporters on a conference call, adding they aimed to further improve the provision coverage ratio as the banking sector moves towards global accounting standards.
He further said fresh slippages in Q2 were at Rs 9,026 crore against Rs 26,249 crore in previous quarter.
Gross bad loans as a percentage of total loans was 12.62 percent at end-September compared with 13.05 percent a quarter earlier, and 13.45 percent a year earlier.
GNPAs as a proportion of gross advances improved to 9.83 per cent against 9.97 per cent in the preceding quarter.
Newly appointed SBI Chairman Rajnish Kumar, who took over last month, said they used the cushion from the insurance stake sale to bolster provisions and improve the coverage ratio by 431 basis points in a quarter to 65.1 percent. "The rate at which the slippage ratio has started coming down, we are hopefully in for some good times", Kumar said. Hence, annualised slippage ratio declined to 1.85 percent versus 5.38 percent QoQ, he added.
Likewise, net NPAs rose to 10.61 per cent of net advances from 8.93 per cent year ago comparable period.
The drop came after the bank's bad loans had climbed since SBI merged its five subsidiary banks with itself earlier in the year.
Net interest income grew by 2.58% year-on-year to ₹18,586 crore as overall credit offtake remained muted.
"We have made more than 50 percent provision for both of RBI's NCLT list".
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