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SBI cuts Jul-Sep slippage estimate by Rs 13.89 bln

New Delhi: India's largest lender State Bank of India has cut its gross slippage figure by Rs 13.89 billion to Rs 71.11 billion after it found the figure was inflated because of double counting, media report said citing the bank's Chairman Pratip Chaudhuri.

However, the revision in the slippage figure will have no impact on its closing non-performing asset (NPA) number as on September 30 as the upgrade has also fallen.

"Our slippages and upgradation figures are revised by Rs 1,389 crore (Rs 13.89 billion) as an error was occurred due to double counting. The accounts had slipped and upgraded in the same quarter. However, there is no change in the closing NPA level," the Business Standard quoted Chaudhuri as saying.

Earlier last week, SBI said that its gross NPAs shot up to 5.15% of advances as on September 30, as compared to 4.99% as on June 30, while its net NPAs increased to 2.44% from 2.22%. The rise in its bad loans had pulled down its stocks despite over 30% on-year jump in its profitability.

SBI sees slippages of Rs 40 billion in the third quarter (Oct-Dec).

Copyright Contify.com

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