Total income during Q1 FY22 came down to Rs 2,086.47 crore from Rs 2,171.86 crore in Q1 FY21, the bank said in a regulatory filing.
Interest income fell to Rs 1,633.39 crore from Rs 1,886.88 crore. Likewise, the income on investments and from other sources also dropped during the reported quarter.
Its proportion of bad assets grew significantly, with the gross non-performing assets (NPAs) or bad loans jumping to 8.02 per cent of the gross advances as of June 30, 2021, as against 4.93 per cent in the year-ago period.
In value terms, the gross NPAs increased to Rs 4,677.12 crore from Rs 3,245.44 crore.
Net NPAs also rose to 5.05 per cent (Rs 2,854.64 crore) from 3.09 per cent (Rs 1,992.86 crore).
Provisions for bad loans and contingencies were raised to Rs 497.97 crore for the June quarter of FY22 as against 293.08 crore for the year-ago period.
Further, the lender said it has incorporated a wholly-owned non-financial subsidiary ‘SIB Operations and Services Ltd’ on May 28, 2021. It has not yet commenced business, it added.
Scrip of SIB closed 1.83 per cent up at Rs 12.23 apiece on BSE.
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