Novartis India Q2 net up 18% at Rs 26 crore

Novartis India Q2 net up 18% at Rs 26 crore

The SBI reported a second-quarter (Q2) profit compared with a loss year ago, and a sequential improvement in its bad-loan ratio, sending its shares higher. The bank's asset quality, however, improved during the July-September quarter as fresh slippages declined by more than half.

SBI on Friday posted a 37 per cent fall in standalone net profit for the second quarter ending September at Rs 1,581 crore pulled down by higher provisioning for its bad loans. SBI Chairman Rajnish Kumar, who was named to his position just last month, has said tackling of bad loans would be a key priority, although the bank will not shy away from growth opportunities. "During the quarter, fresh slippage to NPA category was around Rs 2,000 crore", the lender's Managing Director and CEO Usha Ananthasubramanian told reporters here.

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At the consolidated level, it reported a net profit of Rs 1,952 crore in Q2FY18 against a loss of Rs 116.65 crore a year ago.

In absolute terms, its gross NPAs rose to Rs 186,114.60 crore, from Rs 105,782.96 crore at the second quarter of the previous fiscal. "The watchlist at the end of September quarter was down to Rs 21,000 crore, from Rs 24,000 crore as of June quarter 2017", Kumar said.

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During the reporting quarter, SBI sold its shares in life insurance business SBI Life for Rs 5,436 crore. The annualised slippage ratio declined to 1.85 per cent compared to 5.28 per cent during the June quarter. Net interest income rose nearly 3 percent from a year earlier to 185.86 billion rupees while total provisions including for bad loans rose almost 27 percent to 184.18 billion rupees, the lender, majority owned by the Indian government, said on Friday. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds. The bank would fovus on small and micro industries, agriculture and retail.

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