State Bank of India swung to a net loss for the fiscal year ended March 31 amid a rise in provisioning.
The Indian lender on May 22 posted a net loss after minority interest of 45.56 billion rupees, or 5.34 rupees per share, compared to a net profit of 2.41 billion rupees, or 31 paise per share, in the fiscal year ended March 31, 2017.
The S&P Capital IQ mean consensus estimate for normalized EPS was 1.19 rupees, while the estimate for GAAP EPS was 97 paise.
Interest income for the year declined to 2.290 trillion rupees from 2.304 trillion rupees, while total income rose to 3.015 trillion rupees from 2.986 trillion rupees.
The bank's operating profit before provisions fell to 587.34 billion rupees for the fiscal year, from 622.36 billion rupees in the prior year, amid a rise in total expenditure to 2.428 trillion rupees from 2.364 trillion rupees.
Provisions and contingencies for the 12-month period jumped to 760.15 billion rupees from 612.91 billion rupees.
State Bank of India also reported an extraordinary gain of 50.36 billion rupees on the partial sale of its shareholding in SBI Life Insurance Co. Ltd. in an IPO.
For the fiscal fourth quarter ended March 31, stand-alone net loss after minority interests reached 77.18 billion rupees, or 8.92 rupees per share, compared to a net profit of 28.15 billion rupees, or 3.55 rupees per share, in the prior-year quarter.
The bank's stand-alone gross nonperforming assets ratio stood at 10.91% as of March 31, compared to 10.35% in the previous quarter and 6.90% as of March 31, 2017. Its net NPA clocked in at 5.73%, compared to 5.61% in the previous quarter and 3.71% at the end of the previous fiscal year.
As of March 31, the bank's Basel III capital adequacy ratio stood at 12.60%, compared to 12.68% at Dec. 31, 2017, and 13.11% at March 31, 2017. Its common equity Tier 1 ratio was 9.68% at the end of the fourth quarter, compared to 9.60% in the previous quarter and 9.82% a year earlier.
As of May 21, US$1 was equivalent to 68.12 Indian rupees.
