Merger of associate banks with SBI okayed

Lok Sabha nod to merger of banks with SBI

State Bank of India (SBI), the nation's biggest lender by assets, on Friday reported first-quarter profit that missed analysts' estimates, following a decline in net interest income and rise in bad loans.

SBI reported a consolidated net profit of Rs2,005.53 crore for the April-June 2017-18 quarter against a consolidated net profit of Rs2,520.96 crore for the year-ago quarter.

Of the total slippages during the quarter at Rs 26,249 crore, Rs 8,053 crore was from the corporate portfolio, while the remaining Rs 17,880 crore came largely from the retail book.

The bank in a statement said the net profit for the period under review zoomed by 436 per cent for the period under review from Rs 374 crore posted during the previous year corresponding period by aggregating the historical audited numbers of erstwhile associate banks, Bharatiya Mahila Bank and its own for comparison purposes.

The results are the first since SBI merged with five of its subsidiary banks and also took over a niche lender for women from April 1.

IAMGOLD Corp (TSE:IMG) PT Raised to C$9.00 at TD Securities
Iamgold Corporation (NYSE: IAG ) (TSE: IMG ) last released its quarterly earnings results on Wednesday, August 9th. Sprott Inc. acquired a new position in Iamgold Corporation during the second quarter worth approximately $114,000.

The bank's consolidated net profit, including that of its asset management and insurance arms, grew nearly three times to Rs3,032 crore from Rs1,046 crore a year ago.

For the merged entity, net profit was Rs 20.06 billion rupees in the three months through June, from 3.74 billion rupees a year earlier.

While the poor state of corporate loan books is well known, what turned worrisome during the quarter was the sudden surge in the retail lending portfolio of the banks about which SBI is confident of coming back. Net bad loans ware at 5.6 per cent of total loans.

SBI says it did not gain from the merger as its loan books did not grow proportionately during the first quarter of the merger.

"As a result of the merger process, the follow-up required on the retail side was missing, and this was expected because a lot of data and mapping wasn't available". "This one quarter we have only spent to getting our house in order whether it be data merger, people transfers, reorganisation of the branches, so all of that has happened".

Related news:

Hot News

Illinois Officials React to Violence at White Nationalist Rally in Virginia
Aoû 13, 2017 - 06:46
At least two people were treated for serious but non-life-threatening emergencies from altercations by 10:30 a.m. Counter-protesters flooded the area to square off with the group of alt-right activists and white supremacists.

isis-killer-beheading-video-story-top 'How I Met Your Mother's Upcoming Spinoff Gets a Rewrite
Aoû 13, 2017 - 06:40
Deadline reports that the series "incorporates some of Bennett's personal experiences". It's time to find out how the Mother met the Father.

HealthEquity, Inc. (NASDAQ:HQY) Shares Sold by Amalgamated Bank
Aoû 13, 2017 - 06:35
Following the completion of the sale, the insider now owns 1,000 shares of the company's stock, valued at approximately $50,830. The Nicholas Investment Partners Lp holds 154,851 shares with $6.27 million value, up from 120,633 last quarter.

isis-killer-beheading-video-story-top Washington Nationals star Bryce Harper suffers ugly-looking knee injury
Aoû 13, 2017 - 06:35
Nationals outfielder Bryce Harper left the first inning of Saturday's game with an apparent knee injury. Harper, trying to beat out the throw, landed awkwardly on the base and had to be taken off the field.

isis-killer-beheading-video-story-top JJ Watt says Kendrick Lamar texted him about his brother's National Football League debut
Aoû 13, 2017 - 06:34
Watt added with a laugh: "Two sacks in four plays made me question myself, because I played four plays the other day. Watt had two sacks in the first quarter of the Steelers' preseason game on Friday night.

isis-killer-beheading-video-story-top Trent Murphy out for the season with torn ACL and MCL
Aoû 13, 2017 - 06:29
Murphy was already slated to miss the first four games of the season after being suspended for violating the NFL's PEDs policy . He suffered the season-ending injury in the first quarter of Washington's 23-3 loss to Baltimore at M&T Bank Stadium.

isis-killer-beheading-video-story-top Justin Upton hammers walk-off two-run home run
Aoû 13, 2017 - 06:23
The Detroit Tigers have been struggling of late and need a reversal of fortunes. The win takes the Twins into the second Wild Card spot.

isis-killer-beheading-video-story-top Muslim woman awarded United States dollars 85000 after police forcibly removed her hijab
Aoû 13, 2017 - 06:20
The Council on American-Islamic Relations (CAIR) on behalf of the woman identified as Kirsty Powell sued the city of Long Beach. Female police officers are now required to privately search and remove hijabs worn by Muslim women if necessary.

isis-killer-beheading-video-story-top More Woes for Uber: Exec Resigns, Investor Sues Ousted CEO
Aoû 13, 2017 - 06:18
Uber CEO Travis Kalanick has been accused by one of his company's biggest investors of dishonoring the terms of his resignation. Benchmark claims that Kalanick is attempting to fill Uber's board with "loyal allies" to help him return to his former position.

Connable Office Inc. Takes Position in Eaton Vance Corporation (NYSE:EV)
Aoû 13, 2017 - 05:52
The asset manager reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.60 by $0.02. Norges Bank acquired a new stake in shares of Eaton Vance Corporation during the fourth quarter worth about $43,128,000.

isis-killer-beheading-video-story-top Great Britain win shock 4x100m gold as Usain Bolt pulls up injured
Aoû 13, 2017 - 05:51
Meanwhile, Bolt and his fellow Jamaicans ran the relay in 39.95 seconds, with Bolt grabbing the baton and passing his competitors. The top three from each of the two heats and next two fastest finishers from the remaining qualify for the final round.

isis-killer-beheading-video-story-top Global markets jarred by North Korea fears
Aoû 13, 2017 - 05:11
Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners. Hong Kong's Hang Seng Index plunged by 2 percent, while South Korea's Kospi Index slumped by 1.7 percent.

isis-killer-beheading-video-story-top Nouveau mode de jeu et nouvelle carte dévoilée — Overwatch
Aoû 13, 2017 - 04:52
Un point est retiré à ceux dont la mort est causée par leurs propres dommages ou par l'environnement. A présent, jetons un œil à la nouvelle carte , spécialement conçue pour le Deathmatch.

Costa and Blues still at loggerheads
Aoû 13, 2017 - 04:41
Loftus-Cheek has made the move across London to join Frank de Boer's Crystal Palace . Tottenham , Arsenal , Liverpool . you can go on.

isis-killer-beheading-video-story-top Pentagon Ready to 'Fight Tonight' as Tensions Between US, North Korea Escalate
Aoû 13, 2017 - 04:39
Ellison warned Trump's rhetoric could spur Kim to take action first and called for someone to bring "calm to the situation, not spiking it".