NEW DELHI: State Bank of Travancore (SBT), an associate of SBI, today posted a loss of Rs 587.68 crore for the second quarter ended September 30 as bad loans surged almost three times.
The bank had posted a net profit of Rs 102.80 crore for the July-September period of FY2015-16. The bank's total income for the July-September quarter of the current fiscal rose to Rs 2,775.15 crore from Rs 2642.93 crore in the year-ago period.
Gross non-performing assets (NPAs) rose nearly four-fold to 11.55 percent of gross advances from 3.82 percent a year ago.
The net NPAs also increased to 7.20 per cent from 2.27 per cent. As a result, provisions and contingencies also increased nearly four-fold to Rs 786.99 crore as against Rs 231.32 crore in the same quarter a year ago.