SBI Q1 results report SME slippages of Rs 1.5 crores: Stress in Indian SME sector is still visible, the bank has plans to engage Singaporean SMEs as well.
Mr Rajnish Kumar, Chairman at SBI, in an interaction with media mentioned that the country’s largest bank had SME slippages of Rs 1,500 crore. He added that “last year, we had the benefit of restructuring and forbearance on asset classification, which was also not available this time.”
The bank on Friday reported a standalone net profit of ₹2,312 crore in the first quarter ended June 30, 2019, as against the loss of Rs 4,875.85 crore in the corresponding quarter last year. The bank's performance was hit by elevated slippages.
Meanwhile in an unrelated development, the State Bank of India is also reported to be planning to expand its market in Singapore by enhancing its relationship across small and medium enterprises (SMEs) some of which have strong footholds across Asia Pacific.