Bad loans hurt Indian state banks, push SBI to surprise Q3 loss

The logo of State Bank of India

Public sector lender Bank of Baroda today registered a decline of 56 per cent in its net profit at Rs 112 crore for the third quarter ended December.

Over Rs 25,000 crore of loans slipped into the non-performing assets category in the reporting quarter, driven primarily by under-reporting of NPAs or divergence of Rs 23,330 crore for the previous fiscal.

Moon to lunch with North Korean leader's sister
Tape delay or not, the parade was watched closely in South Korea , where Pence arrived Thursday. Kim Yo-jong, sister of North Korean leader Kim Jong-un.

In absolute terms, SBI reported a seven percent increase in gross NPAs to Rs 1, 99,141.34 crore and 4.6 percent rise in net NPAs to Rs 1, 02,370.12 crore.

The central bank has pushed about 40 of the biggest corporate loan defaulters into India's new bankruptcy proceedings and said creditor banks must ensure at least 50 percent of bad loans with those firms were provisioned by March. The gross NPA ratio crossed double digits at 10.35 per cent from 7.23 per cent a year ago. Higher provisions for stressed assets ate into the bank's bottomline even as interest income of the bank remained low. This was contrary to Bloomberg analysts' expectations of a net profit of Rs 2,059 crore, Moneycontrol reported. He added that there may also be cases where there can be a write-back of money already set aside.

Frontier Airlines adds four new nonstop flight destinations from Trenton-Mercer Airport
The airline began servicing Buffalo in December with nonstop flights to Fort Myers, Miami, Orlando, and Tampa. By summer 2018, the company hopes to deliver low-priced fares to 90 percent of their customers.

Bad loans at Indian banks have almost doubled in the past four years as an economic slowdown took its toll on the ability of companies to repay debt, exacerbated in the case of some banks which analysts said had expanded lending too fast.

The capital adequacy ratio (CRAR) for the quarter was 11.55 percent as against 12.55 percent in the previous quarter. The ratio of bad loans jumped to 5.61 per cent of advances from 4.24 per cent.

FLASHBACK: Obama Claims He Doesn't Talk To FBI Director About Pending Investigations
Ron Johnson (R-Wis.), along with majority staff from the Senate Homeland Security and Governmental Affairs Committee. Fox News claims this text "raises questions about Obama's personal involvement in the Clinton email investigation".

On the operations side, the core net interest income grew 5.17 per cent to Rs 18,688 crore on a sequentially higher net interest margin of 2.45 per cent, while the other income plummeted 29.75 per cent to Rs 8,084 crore on account of treasury operations.

Related news:

Hot News

isis-killer-beheading-video-story-top Dwyane Wade Posts Message To Miami Heat Fans After Being Traded
Feb 10, 2018 - 01:50
With and without Wade on the roster, head coach Erik Spoelstra and the Miami Heat have adopted a "next guy up" philosophy. Wade kept his home in Miami , and his two sons and a nephew that he is raising have been back in school there this year.

isis-killer-beheading-video-story-top Tyreke Evans Remains With Grizzlies As Trade Deadline Passes
Feb 10, 2018 - 01:48
Even though Lou Williams is no longer on the market, the Grizzlies apparently haven't been offered a first-round pick yet. Will he accept this? Instead, it's that awkward "uhhhh, want to come back?" kind of things.

isis-killer-beheading-video-story-top Why Apple's battery replacement program might impact iPhone sales
Feb 10, 2018 - 01:48
They found that the average wait times for a battery replacement were 2 weeks on average, with a maximum wait of 4.5 weeks. Barclays reiterated its rating of Apple stock as "neutral", and gives it a price target of $170.

isis-killer-beheading-video-story-top Weather: Snow is over, quiet Thursday
Feb 09, 2018 - 01:52
The snow is expected to begin during the Thursday evening rush hour and continue through the Friday morning commute. A weak system tracks through on Saturday bringing more snow showers to the area.

isis-killer-beheading-video-story-top At Least 2 Dead in Magnitude 6.4 Quake in Taiwan
Feb 09, 2018 - 01:50
Authorities have provided aid and shelter to the displaced people while the families of the victims have been given compensation. Some of the most powerful pictures and video of the disaster showed high-rise buildings tilting heavily after the quake .

isis-killer-beheading-video-story-top Common food compound asparagine linked to cancer spread
Feb 09, 2018 - 01:49
Alex Berezow, senior fellow of biomedical science for the American Council on Science and Healthy said in the Baltimore Sun . However, there are no food or dietary supplements that will act as "magic bullets" to prevent breast cancer from returning.

isis-killer-beheading-video-story-top Now, Trump wants a big military parade. Like 'yuge'
Feb 09, 2018 - 01:48
France has a long tradition of military displays, with the Bastille Day parade taking place every year since 1880. "Sen. A defence official told Post , "We are aware of the request and are in the process of determining specific details".

isis-killer-beheading-video-story-top Tom Hardy Can't Stop Brooding In First Venom Trailer
Feb 09, 2018 - 01:47
As a result, Intrigue and interest seem to be the goal for this teaser trailer, and Sony succeeds with this venture. You probably missed him in Marvel vs Capcom; you probably disliked him in Spider-Man 3, but he's here now.

isis-killer-beheading-video-story-top Nigeria launch their (mad) new kit for World Cup & there's bucket hats
Feb 08, 2018 - 09:58
Iwobi said it was flawless and different. "Believe me, this kit could be our lucky charm in Russian Federation ". Ndidi also sounded excited, adding "This is cultural" in apparent reference to the patterned away kit.

isis-killer-beheading-video-story-top Led coalition says it struck Syrian pro-regime forces after 'unprovoked attack'
Feb 08, 2018 - 09:57
Syrian government forces are active on the other side of the river around the city of Deir el-Zour. The SDF are a USA -backed alliance of militias in northern and eastern Syria.

isis-killer-beheading-video-story-top Maxwell survives to steer Australia past England
Feb 08, 2018 - 09:55
Coming in to face England , Australia will hope to display the allround performance and take a precious win over England . A Glen Maxwell unbeaten hundred has managed to get Australia over the line against England in the latest T20 worldwide .

isis-killer-beheading-video-story-top Benedict XVI says he is now making a 'pilgrimage home'
Feb 08, 2018 - 09:55
Pope Francis, his successor, was elected like all popes during a secret conclave of cardinals who gathered in the Sistine Chapel. Pope emeritus Benedict XVI hinted on Wednesday that he is nearing death and ready for his final "pilgrimage" at the age of 90.

isis-killer-beheading-video-story-top Despite DACA, Democrats should take the deal
Feb 08, 2018 - 09:55
But Ryan, who controls the House floor, hasn't allowed for a vote on the Dream Act or other bipartisan bills to help Dreamers. The House is now trying to pass a budget deal to lift spending caps and avoid the second government shutdown of the year.

isis-killer-beheading-video-story-top Mauricio Pochettino backs Erik Lamela to hit 'real level'
Feb 08, 2018 - 09:55
Newport almost delivered the shock of the fourth round with an improbable victory over Tottenham in the match at Rodney Parade . Heung-Min Son fired over after Moussa Sissoko had played him in as Spurs created the nights first clear-cut opening.

isis-killer-beheading-video-story-top Phoenix Open smashes attendances record with 720000 weekly spectators
Feb 08, 2018 - 09:52
He bogeyed the par-4 11th after hitting left into the desert, and got the stroke back with a two-putt birdie on the par-5 13th. Jorge Campillo of Spain closed with a 68 to finish second, one shot ahead of Ryan Fox (66) and Pablo Larrazabal.