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Divergence of Rs 23,239 cr, joining likes of HDFC,Axis,Yes banks says SBI
Divergence of Rs 23,239 cr, joining likes of HDFC,Axis,Yes banks says SBI
State Bank of India,reported its 1st quarterly loss in 17 years."Bank reported that it had misreported its FY2017 accounts; its net profits were lower by 36% & its gross non-performing assets (NPAs) higher by 21%." It admitted that RBI audit of its books for past FY 2016-17 led to the addition of Rs 23,239 cr in its bad loans.Now,SBI joins private banks like Yes & Axis Banks reporting NPA divergence. Banks have to disclose such discrepancies if difference between its reported numbers & apex bank's risk assessment report findings exceed 15%.
