New Delhi, May 22: India’s biggest lender, State Bank of India incurred a loss of Rs. 7,718.17 crore during the fourth quarter of the financial year 2017-18 as bad loan provisioning doubled as compared to same quarter last year.
According to the Economics Time report, bad provisions doubled to Rs 22,096 crore from Rs 11,740 crore reported for the same quarter last year and it stood at Rs 18,876 crore for December quarter.
On a sequential basis, SBI’s standalone net loss increased over three-fold to Rs 7,718.17 crore as against a standalone net loss of Rs 2,416.37 crore in the December quarter of the financial year 2017-2018.
While, Net interest income (NII) for the quarter jumped up 10.5 percent to Rs 19,974 crore in the fourth quarter compared with Rs 18,070.7 crore in the same quarter last year.
Following the fourth-quarter earning result, shares of the PSU lender surged 6.04% to a day’s high of Rs 259.9 on BSE.