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RPT-State Bank of India Q3 net profit jumps, beats estimates
February 10, 2017 / 7:41 AM / 10 months ago

RPT-State Bank of India Q3 net profit jumps, beats estimates

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MUMBAI, Feb 10 (Reuters) - State Bank of India, the nation’s top lender by assets, on Friday reported its first jump in quarterly profit since mid-2015, which also beat analysts’ expectations, helped by lower provisions for bad loans.

Standalone net profit, not including contributions from subsidiaries or associates, rose 134 percent to 26.1 billion rupees ($390 million) for the quarter ended December, from 11.15 billion rupees a year ago.

That was above with an average estimate of 24.64 billion rupees from 23 analysts polled by Thomson Reuters.

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 percent at the end of December, from 7.14 percent at end-September. ($1 = 66.9150 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Himani Sarkar)

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