Sat, Jul 22, 2017 | updated 12:13 PM IST

SBI Q1 profit down 32 pct, fresh slippages dip sharply

Updated: Aug 15, 2016 12:05 IST      
SBI Q1 profit down 32 pct, fresh slippages dip sharply

New Delhi, Aug 15 (ANI): The State Bank of India (SBI) has announced that its Q1 profit fell 31.7 percent year-on-year to Rs. 2,520.96 crore.

The bank said that profit was supported by other income and operating profit and lower tax cost, but remained impacted by higher provisions.

Net interest income, the difference between interest earned and interest expended, grew by 4.2 percent to Rs. 14,312.31 crore on yearly basis.

The SBI said advances (loans) during the quarter grew by 10.7 percent to Rs. 14.16 lakh crore while deposits jumped 10.5 percent to Rs. 17.82 lakh crore Q1 YoY.

The profit was estimated at Rs. 2,504.9 crore and net interest income at Rs. 14,489.5 crore for the quarter, according to average of estimates by CNBC-TV18.

Provisions and contingencies dropped sharply by 43.7 percent quarter-on-quarter to Rs. 7,413.1 crore in the quarter ended June 2016, though it increased by 85.3 percent as compared with the year-ago period.

Also, the gross non-performing assets (NPA) as a percentage of gross advances increased 44 basis points to 6.94 percent and net NPA 24 basis points to 4.05 percent on sequential basis.

On absolute basis, gross NPAs during the quarter rose 3.4 percent to Rs. 1,01,541 crore and net NPA climbed 2.9 percent to Rs. 57,420 crore QoQ. (ANI)

India was funded by invisible money for 70 years: Jaitley

Updated: Jul 22, 2017 11:09 IST     

New Delhi [India], July 22 (ANI): Finance Minister Arun Jaitley, while calling for a greater degree of transparency in political funding, said India was being funded by invisible money for 70 years.

Full Story >>

Return on PMVVY scheme exempted from GST: Jaitley

Updated: Jul 21, 2017 20:18 IST     

New Delhi [India], July 21 (ANI): Union Finance Minister Arun Jaitley on Friday said that rate of return being provided to senior citizens under the Life Insurance Corporation of India's (LIC) new scheme will be exempted under the new Goods and Services Tax (GST) regime, and will be free from fluctuation, thus ensuring more stability to the aged.

Full Story >>

New Delhi [India], July 21 (ANI): Bank of Baroda on Friday announced entering into a Memorandum of Understanding (MoU) with the Directorate General of Supplies and Disposal (DGS&D) for extending various banking services to the Government e-Marketplace (GeM) initiative.

Full Story >>

Mercedes-Benz India launches new AMG GLC 43 4MATIC Coupe

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Commemorating the completion of 50 years of its performance brand-AMG, luxury car maker Mercedes-Benz India on Friday launched the all new Mercedes-AMG GLC 43 4MATIC Coupe, an SUV Coupe which embodies superlative driving performance and agility.

Full Story >>

Uber launches UPI-linked payment services on Android

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Taxi aggregator Uber on Thursday announced third payment option for their Android app users, apart from cash, e-wallet and credit/debit card with the integration of the Unified Payment Interface (UPI) payments platform.

Full Story >>

New Delhi [India], July 21 (ANI): While addressing shareholders at 40th annual general meeting (AGM) of Reliance Industries Chairman Mukesh Ambani announced a bonus issue of 1:1, which means that shareholders will get one bonus share for every one share held by an investor.

Full Story >>

New Delhi [India], July 21 (ANI-NewsVoir): EO Gurgaon organised conversation with Vikram Oberoi, the third generation scion of India's best-known luxury hospitality chain. He is the most successful purveyor of luxury hospitality in the country. Over the 10 years, when he stepped into a mainstream management role as General Manager of the Oberoi Rajvilas in Jaipur, he has relentlessly focused on quality and succeeded.

Full Story >>

New Delhi [India], July 21 (ANI): Government think-tank NITI Aayog on Friday approved investments worth Rs. 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways Suresh Prabhu said at an ASSOCHAM event here today.

Full Story >>

ShopClues appoints Deepak Sharma as new CFO

Updated: Jul 21, 2017 15:23 IST     

New Delhi [India], July 21 (ANI): India's first and largest managed online marketplace ShopClues on Friday announced appointment of Deepak Sharma as CFO.

Full Story >>

Mumbai (Maharashtra) [India], July 21 (ANI): Reliance Industries Chairman and Managing Director (CMD) Mukesh Ambani on Friday launched its VoLTE feature phone, JioPhone, in India at an 'effective price' of Rs 0.

Full Story >>

New Delhi [India], July 20 (ANI): Paytm now enables customers to get their cashback as Paytm Gold. This will combine the spending and saving experience with an asset that is close to the hearts of Indians.

Full Story >>

Reliance Industries announces Q1 profit at Rs. 9108 crore

Updated: Jul 20, 2017 18:46 IST     

New Delhi [India], July 20 (ANI): Reliance Industries' on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Created with an objective to deliver striking blow to counterfeiting, LetsVeriFy, an innovative and cutting-edge application by ThinkCurve is witnessing a high growth in popularity amongst customers and manufacturers in India.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Preethi Kitchen Appliances, an inseparable brand of any Indian kitchen, entered Global Book of World Records, Asia Book of Records and India Book of Records recently for the demonstration of its mixer grinder's grinding prowess by organising the Longest Mixer Grinder Grinding Marathon-the first brand across the globe to achieve such a feat.

Full Story >>

New Delhi [India], July 20 (ANI-BusinessWireIndia): Been into the news since its inception, Applancer has become a renowned name in IT industry. After continuous enhancements, Applancer has become world's first decentralized software development outsourcing platform. We all are pretty aware that mobile apps are ruling the digital industry currently.

Full Story >>

Voonik TV brings Video Commerce to India

Updated: Jul 20, 2017 15:36 IST     

New Delhi [India], July 20 (ANI): India's leading personalization-based fashion marketplace Voonik has announced the launch of Voonik TV, where one can watch exciting short-form videos and shop from them, all within the Voonik App.

Full Story >>

Ducati launches the all new Scrambler Desert Sled in India

Updated: Jul 20, 2017 15:28 IST     

New Delhi [India], July 20 (ANI): Ducati India on Thursday announced the launch of the Scrambler Desert Sled. Drawing its inspiration from the off-road bikes of the '60s and '70s that made US motorcycling history in the mountains and deserts of California, the Scrambler Desert Sled offers a unique incomparable style.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): ALE, operating under the Alcatel-Lucent Enterprise brand, today announced it is working with PGi, the world's largest dedicated provider of collaboration solutions, to deliver integrated high-definition (HD) audio conferencing for its collaborative communications platform, Rainbow.

Full Story >>

Revival of holistic Ayurveda in post-pregnancy treatments

Updated: Jul 20, 2017 13:31 IST     

New Delhi [India], July 20 (ANI-NewsVoir): Soothika, a Global Prodice brand in Maternal and New Born Baby Care, recognized by the Government of India under Startup India programme (DIPP:1917) and seed funded by KSIDC (Kerala State Industrial Development Corporation) is providing Holistic Pregnancy Care to both the mother and the child by offering Ayurvedic products to heal the post pregnancy problems.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Federation of Indian Chambers of Commerce & Industry (FICCI) in association with The New India Assurance Company Limited (NIA), Besso Limited (London Insurance Brokers) and JB Boda Reinsurance Brokers Pvt. Ltd. (JBBRIB), Mumbai today launched an Insurance Policy on ATA Carnet for the benefit of Start-Ups and Small & Medium Enterprises (SMEs) in India.

Full Story >>