SBI comes a cropper
The State Bank of India has turned in disastrous results, the likes of which have not been seen in the last 11 years. Net profit for the quarter ended March is down to virtually zero (Rs 21 crore), compared to over Rs 1,867 crore in the corresponding quarter of last year. This has been attributed mainly to the new chairman deciding to clean up the mess inherited by him, thus resulting in a rise in provisioning for non-performing assets by a stupendous 49 per cent year-on-year to reach a staggering Rs 3,264 crore.