State Bank of Hyderabad posts net loss of INR 776.64 Crores in Q2

Gross of Non-Performing Assets (NPA's) at State Bank of Hyderabad (SBH) jumped 196.2% to INR 15,306.98 Crores at the end of the Septembe...

Gross of Non-Performing Assets (NPA's) at State Bank of Hyderabad (SBH) jumped 196.2% to INR 15,306.98 Crores at the end of the September quarter from INR 5,167.80 Crores a year ago, SBH reported a second quarter net loss of INR 776.64 Crores due to higher provisions. The bank has declared a net profit of INR 375.31 Crores in the last year same quarter. The loss was confined due to tax write-back of INR 197.12 Crores against tax expenses of INR 189.87 Crores.

Net Interest Income (NII) falls 1.38% to INR 1,111.56 Crores in the September quarter from INR 1,127.06 Crores last year. Other income increased 73.3% to INR 569.59 Crores from INR 328.68 Crores in the same period last year. Employee cost fell 24.3% from a year ago to INR 261.38 Crores. Gross Non-Performing assets (NPAs) at SBH jumped 196.2% to INR 15,306.98 Crores at the end of the September quarter from INR 5,167.80 Crores a year ago. As a percentage of total loans, gross NPAs were at 13.66% at the end of the September quarter as compared to 4.92% in the previous year. Provisions and contingencies surged 755% to INR 2,074.94 Crores in the quarter from INR 242.70 Crores a year ago. Net NPAs were at 8.64% in the September quarter compared to 2.39% in the last year.