TIL Desk/Business/Mumbai/ Reflecting the continued pressure on state-run banks, State Bank of India (SBI) on Tuesday posted a loss of Rs 7,718 crore for the fourth quarter ended March, mainly due to increased provisioning, the bank said in a stock exchange filing.
The country’s largest lender had recorded a profit after tax (PAT) of Rs 2,815 crore in the corresponding quarter of the last fiscal. SBI’s fourth quarter loss more than trebled over that of the previous quarter when the bank had incurred a loss of Rs 2,416 crore.
“Bank’s net loss is attributable to lower trading income and significant MTM (mark-to-market) losses due to hardening of bond yields; incremental Provision during the quarter for NPAs (non-performing assets); higher provisioning on account of wage revision and enhancement in gratuity ceiling,” SBI said.
Operating profit in the fourth quarter at Rs 15,883 crore declined by 8.24 per cent, from Rs 17,309 crore in the same quarter of last year.
