Reuters logo
State Bank of India Q1 profit falls 20 pct, bad loans rise sharply
August 11, 2017 / 7:46 AM / 4 months ago

State Bank of India Q1 profit falls 20 pct, bad loans rise sharply

Aug 11 (Reuters) - State Bank of India, the nation’s biggest lender by assets, posted a 20 percent fall in first-quarter profit as provisions for bad loans soared.

Net profit, not including contributions from subsidiaries, fell to 20.06 billion rupees ($312.84 million) in the quarter ended June 30, from 25.21 billion rupees a year earlier, the state-run lender said on Friday. (bit.ly/2uu1tGW)

Analysts on average had expected the Mumbai-based bank to report a net profit of 30.29 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans rose to 9.97 percent at end-June from 6.90 percent at March-end and 6.94 percent a year earlier. ($1 = 64.1225 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru; Editing by Christopher Cushing)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below