Mumbai: State Bank of Travancore reported a net loss of 743 crore in the quarter ended June, as compared with a net profit of 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 1,130 crore, higher than the 301.57 crore reported last year.
Gross non-performing assets (NPAs) in the three-month period doubled on a quarter-on-quarter basis to 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 94.57 crore against standard advances and 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 587 crore, down 10.65% from a year ago. Total income for State Bank of Travancore rose 2% year-on-year to 2,704 crore.
Capital adequacy ratio under Basel III fell to 10.43% as compared with 10.47% last year.