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SBI under-reported ₹11,932 crore of bad loans in FY19, finds RBI report

SBI reports ₹11,932 crore NPA divergence in FY19

Updated - December 10, 2019 07:36 pm IST

Published - December 10, 2019 07:21 pm IST - Mumbai

Special Correspondent
NEW DELHI, 10/08/2012: Despite a general slowdown in the economy, State Bank of India has posted a 137 per cent jump in net profit at Rs 3,751.56 crore in the April-June quarter against Rs 1,583.55 crore in the corresponding year-ago period. Earlier in the day UBS downgraded the bank to "sell" from "buy" saying a weak monsoon would add to its already high bad loans. Photo: V.V. Krishnan

NEW DELHI, 10/08/2012: Despite a general slowdown in the economy, State Bank of India has posted a 137 per cent jump in net profit at Rs 3,751.56 crore in the April-June quarter against Rs 1,583.55 crore in the corresponding year-ago period. Earlier in the day UBS downgraded the bank to "sell" from "buy" saying a weak monsoon would add to its already high bad loans. Photo: V.V. Krishnan

The Reserve Bank of India's (RBI’s) inspection report has found out that State Bank of India (SBI) under-reported ₹11,932 crore of bad loans in FY19, which has pushed the bank to report net loss for the financial year 2018-19.

The divergence in net non-performing asset (NPA) was also ₹11,932 crore, the bank informed the exchanges.

According to the RBI, provision requirement for SBI increased by ₹12,036 crore in FY19.

Due to higher provision, the lender was pushed to ₹6,968 crore loss in FY19 as compared to ₹862 crore profit reported earlier.

Related Topics

banking / company information / annual report

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