A jump in bad loans, provisioning for pension liabilities and a fall in the value of international investments pulled down State Bank of India’s profitability in the April-June quarter. India’s largest bank reported a 14 per cent drop in net profit to Rs 3,241 crore from Rs 3,752 crore in the year-ago period.
In the reporting quarter, the bank saw a net incremental growth in bad loans (after taking into account cash recoveries, upgradation of loan and write-offs) of Rs 9,702 crore (Rs 7,480 crore in the year-ago period). Bad loans came mainly from the small and medium enterprises (SME), agriculture and retail (mostly personal loan) segments.
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