State Bank of Travancore reports net loss of Rs743 crore in June quarter
The bank’s total provisions during the April-June period stood at Rs1,130 crore, higher than the Rs301.57 crore reported last year
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Mumbai: State Bank of Travancore reported a net loss of Rs.743 crore in the quarter ended June, as compared with a net profit of Rs.81.32 crore a year ago, owing to higher provisions and a drop in net interest income (NII).
The bank’s total provisions during the April-June period stood at Rs.1,130 crore, higher than the Rs.301.57 crore reported last year.
Gross non-performing assets (NPAs) in the three-month period doubled on a quarter-on-quarter basis to Rs.6,401 crore.
As a ratio of total assets, gross NPAs were at 9.38% as compared with 4.78% in the January-March period. Net NPA ratio during the first quarter was reported at 5.99% as compared with 2.77% in the preceding quarter.
During the quarter, the bank made specific provisions worth Rs.94.57 crore against standard advances and Rs.438.92 crore against NPAs, higher than what is required by the Reserve Bank of India (RBI), it said in its notes.
NII, or the difference between interest earned on loans and that paid on deposits, was reported at Rs.587 crore, down 10.65% from a year ago. Total income for State Bank of Travancore rose 2% year-on-year to Rs.2,704 crore.
Capital adequacy ratio under Basel III fell to 10.43% as compared with 10.47% last year.