SBI wrote-off loans worth Rs 1 lakh crore in past two years

May 15, 2019 |
|
Banking
SBI wrote-off loans worth Rs 1 lakh crore in past two years

Last year, Minister of State for Finance Shiv Pratap Shukla had informed Lok Sabha that the State Bank of India had gross bad loans worth Rs 2.02 lakh crore at the end of the September quarter. Of this NPA pile, the country's largest lender reportedly wrote-off loans to the tune of Rs 61,663 crore in the financial year ended March. In FY18, the bank had written-off Rs 40,809 crore, taking the aggregate to Rs 1.02 lakh crore in two fiscals. This is close to double the Rs 57,646 crore that SBI wrote-off in the preceding three financial years, Mint reported, adding that this exercise brought down the bank's outstanding gross NPAs by 23% year-on-year (y-o-y). On the back of improving asset quality and higher net interest income, SBI reported a profit of Rs 838.40 crore in the fourth quarter of the last fiscal against a loss of Rs 7,718.17 crore in Q4 FY18.

Related Articles

© 2019 Financial Views. All Rights Reserved