BackSBBJ posts Q2 loss of Rs210.10 crore as NPAs jumps sharply
SBBJ 's gross non-performing assets (NPAs) at SBBJ rose 67% to Rs7669.21 crore at the end of the September quarter from Rs4592.87 crore in the June quarter
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Mumbai: State Bank of Bikaner and Jaipur (SBBJ) on Friday posted a net loss for the September quarter due to higher provisioning towards bad loans. The bank may have posted an even bigger loss if there was no tax write-back. This was the second consecutive quarter when the bank posted a loss.
Net loss for the quarter stood at Rs210.10 crore as compared to net profit of Rs180.63 crore a year ago. The bank posted a net loss of Rs221.56 crore in the June quarter
Tax write-back for the quarter stood at Rs116.51 crore as against tax expenses of Rs93.12 crore.
Net interest income (NII), or the core income a bank earns by giving loans, fell 5.07% to Rs776.60 crore in the September quarter from Rs818.05 crore last year.
Other income increased 37.09% to Rs287.69 crore from Rs209.86 crore in the same period last year.
Gross non-performing assets (NPAs) at SBBJ rose 67% to Rs7669.21 crore at the end of the September quarter from Rs4592.87 crore in the June quarter. On a year-on-year basis, gross NPAs jumped 161.25% from Rs2,935.62 crore. As a percentage of total loans, gross NPAs stood at 10.5% at the end of the September quarter as compared to 4.2% in the previous quarter and 6.2% in the year-ago quarter.
Provisions and contingencies fell 14.58% to Rs850.01 crore in the quarter from Rs995.09 crore a quarter ago. On a year-on-year basis, provisions jumped 259.09% from Rs236.71 crore. Net NPAs were at 7.17% in the September quarter compared to 3.65% in the previous quarter and 2.15% in the same quarter last year.
Total deposits rose 7.34% from a year earlier to Rs95,689 crore while total advances rose 3% to Rs70,231 crore.
On Friday, SBBJ shares closed trading at Rs704 on BSE, up 0.61% from its previous close, while India’s benchmark Sensex index fell 0.19% to 28,077.18 points.
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