The largest lender of the country, State Bank of India has posted a 22% dip in its net profits in the second quarter of this fiscal. The consolidated net profit of the bank now stands at Rs2,437.10 crore for Q2. The net profit of the bank for the corresponding period last year was Rs 3,133.10 crore.
If considered on a standalone basis, the net profits of SBI have seen a 0.4% rise in the second quarter this fiscal amounting to Rs 2,501.30 crore.
Provision coverage for NPAs has been increased by 96% to Rs 2,160.50 crore. There has also been a rise in the gross NPA level of the banks.
The total income of the bank, however, has increased by 14.6% to Rs37,925.40 crore in the July-September quarter from Rs33,101.6 crore in the corresponding previous quarter.