SBI reports ₹17,035 crore Q1 net profit; loan loss provisions surge 70%

State Bank of India (SBI) reported a marginal increase in first quarter standalone net profit at ₹17,035 crore, with the bottom line being weighed down by a decline in non-interest income and a jump in loan loss provisions.

India’s largest bank had reported a net profit of ₹16,884 crore in the first quarter of the previous financial year.

Net interest income (interest earned less interest expenses) was up about 6 per cent y-o-y at ₹41,125 crore.

Non-interest income declined about 7.5 per cent y-o-y to ₹11,162 crore.

Loan loss provisions jumped 70 per cent y-o-y to ₹4,518 crore.