Stocks

PSU Bank index falls impacted by State Bank’s higher NPA

| Updated on December 11, 2019 Published on December 11, 2019

PSU Bank index fell nearly 1 per cent today after the largest public sector bank SBI reported about Rs 12,000 crore divergence in their non-performing assets (NPA) for the fiscal 2018-19.

At 12.25 pm, State Bank of India stock was down 0.45 per cent at Rs 312.05 on the NSE.

The Nifty PSU Bank index declined 16.55 points or 0.68% to 2,402.25 on the NSE.

Allahabad Bank, J&K Bank, Central Bank of India, Union Bank, Syndicate Bank, PNB, Indian Bank, Oriental Bank of Commerce, Bank of India and Bank of Baroda were down between 1 and 3.50 per cent.

SBI's gross NPA was Rs 11,932 crore more at Rs 1,84,682 against Rs 1,72,750 reported for 2018-19, SBI said in a regulatory filing.

As a result, the bank has to make additional provisioning of Rs 12,036 crore in the balance sheet and the notional loss would have been at Rs 6,968 crore.

SBI had posted a profit of Rs 862 crore for 2018-19 in May this year.

Published on December 11, 2019
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