This is the first time in five quarter, State Bank of India report to have 135% jump high in the profit, from Rs 1,115 to Rs 2,619 crore in the previous period. SBI chairman Bhattacharya announces a result in which she said that demonetization slow down the lending account and it also delayed loan as the bank is not able to chase defaulters.
Bhattacharya also said, "the bank was ready for a merger of its associate banks but the process was delayed by a quarter due to demonetization and would now take place in the first quarter of FY18".
Bhattacharya said the bank is focused on asset quality and decide to shift a lend towards retail with the home loan and auto loan. During the quarter, the bank's home loan crossed Rs 2.12 lakh crore, this is growing 18% year on year and Auto loan grow 20% to Rs 44,536 crore.
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