However, on consolidated basis, the merged entity would have made a loss of Rs 557 crore in the same period last fiscal, as the associate banks had incurred huge losses due to higher slippages after the RBI's asset quality review forcing them to make additional provisions. Gross non-performing assets (NPAs) were narrowed at 9.83 percent in Q2 against 9.97 percent in Q1.
Gross bad loans as a percentage of total loans was 12.62 percent at end-September compared with 13.05 percent a quarter earlier, and 13.45 percent a year earlier.
To set aside enough buffers against the expected bad loans, SBI's provisions increased 87 percent over the previous three months to Rs 18,418 crore in the quarter ended September. Share price gained 6.2 per cent to Rs 333.2 per share on the BSE.
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While announcing the result, SBI Chairman Rajnish Kumar said gross slippages for the quarter stood at Rs 10,627 crore. The provisions for bad loans stood at Rs 16,715 crore in Q2 FY18, up from Rs 7,670 crore in the same quarter of FY17, which led to the fall in net profit.
The bank is also witnessing good recoveries from retail and small and medium enterprises (SMEs) with its NPAs in retail declining to Rs 53,000 crore, of the total NPAs of Rs 1,86,115 crore. The bank's deposits grew 10.3 per cent from Rs 23.79 lakh crore as of September 2016 to Rs 26.23 lakh crore as of September 2017.
The huge growth was driven by part sale of stake in SBI Life Insurance in a public offering.
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Almost half of these came from the agriculture and small and medium enterprises accounts.
Capital adequacy ratio of the bank improved to 54.33 per cent in the quarter from 47.60 per cent in the same quarter a year ago, it said. The banking giant has been improving its profitability and capitalisation over the last few quarters but had to contend with potential worsening of asset quality. Majority might be going to the National Company Law Tribunal as there are very few accounts that can be resolved outside, Kumar said.
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