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SBI records steep fall in Q2 profits

IANS | Chennai |

India’s largest bank State Bank of India (SBI) on Friday said it closed the second quarter of the current fiscal with a lower net profit of Rs.2,538.32 crore.
In a regulatory filing in the Bombay Stock Exchange, the bank said it has posted a net profit of Rs.2,538.32 crore for the quarter ended September 30, down from Rs.3,879.07 crore for the quarter ended September 30, 2015.
The bank’s total income for the period under review increased to Rs.50,742.99 crore from Rs.46,854.81 crore for the quarter ended September 30, 2015.
The bank’s unamortised loss on account of selling its assets to Asset Reconstruction Companies as on September 30, 2016, stands at Rs.516 crore.