Published: Sun, November 12, 2017
Sports | By Spencer Underwood

Novartis India Q2 profit up 18% at Rs26 crore

Novartis India Q2 profit up 18% at Rs26 crore

The bank's asset quality, however, improved during the July-September quarter as fresh slippages declined by more than half.

It's gross non-performing assets ratio slipped to 14.10 per cent at the end of September compared with 13.85 per cent a quarter ago and 12.28 per cent a year ago. Net profit came in at 15.82 billion rupees ($243.25 million) for the quarter ended Sept 30, lower than analysts' estimates of 26.96 billion rupees, but compared with a net loss of 5.57 billion rupees a year earlier.

State Bank of India's (SBI's) standalone net profit declined 37.9 per cent to Rs 1,581 crore in the second quarter (Q2) of FY18, from Rs 2,538 crore in the same period previous year, due to higher provisioning.

Speaking to media, he said the watchlist at the end of September quarter was down to Rs 21,000 crore from Rs 24,000 crore as of the June quarter. Share price gained 6.2 per cent to Rs 333.2 per share on the BSE. He added that loan growth for the current year was expected to be only 5 per cent.

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The bank is also witnessing good recoveries from retail and small and medium enterprises (SMEs) with its NPAs in retail declining to Rs 53,000 crore, of the total NPAs of Rs 1,86,115 crore.

The company had posted a net profit of Rs22.21 crore for the corresponding period of the previous fiscal, Novartis India said in a filing to the BSE. Net NPAs increased to Rs 97,896.29 crore against Rs 60,013.45 crore.

The Rs. 8,400-crore SBI Life Insurance's IPO was oversubscribed 3.58 times during the offer period from September 20-22. Slippages as a ratio of the total loan book fell to 1.85 per cent, from 5.37 per cent during the previous quarter. The banking giant has been improving its profitability and capitalisation over the last few quarters but had to contend with potential worsening of asset quality. The surge in bad loans has choked new lending in an economy which needs revival in investment to help spur growth.

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