LATEST NEWS – State Bank of India’s (SBI) profits more than doubled from a year ago in the October-December period, first such rise in five quarters for the nation’s top lender by assets, helped by lower provisions for bad loans.
Standalone net profit, not including contributions from subsidiaries or associates, more than doubled to Rs 26.1 billion ($390 million) for the third quarter, versus Rs 11.15 billion a year ago. That was above an average estimate of Rs 24.64 billion from 23 analysts polled by Thomson Reuters.
The last time the bank posted a year-on-year rise in its quarterly profit was in the three months ended September 2015.
SBI, which accounts for more than a fifth of India’s banking assets, saw its gross bad loans as a percentage of total loans rising slightly to 7.23% at the end of December, from 7.14% at end-September.
But provisions for bad loans fell to Rs 72.44 billion from Rs 76.7 billion in the September quarter and Rs 76.45 billion a year earlier. READ MORE