India’s largest lender said its net profit fell 37% to Rs1,581.55 crore compared to Rs2,538.32 crore a year ago. The lender reported fresh addition to gross non-performing assets of Rs9,026 crore compared to Rs26,249 crore in the quarter ending June. That pushed up the total number of written-off accounts for the first half of the fiscal to Rs22,434 crore compared to Rs12,461 crore a year ago. Despite lower addition to bad loans, provisions and contingencies surged 142.3% to Rs19,137.43 crore from Rs7,896.72 crore a year ago. The loan book at the end of the September quarter stood at Rs 18.92 trillion.

Source: Mint November 10, 2017 07:47 UTC