October 25, 2019 / 8:34 AM / 23 days ago

State Bank of India second-quarter profit triples

BENGALURU, Oct 25 (Reuters) - State Bank of India, the country’s largest lender by assets, reported a three-fold jump in quarterly profit on Friday, buoyed by a 34.84 billion rupee ($491.15 million) gain from selling a portion of its life insurance unit.

Net profit rose to 30.12 billion rupees in the three months ended Sept. 30 from 9.45 billion rupees a year earlier, the Mumbai-based bank said in a filing here to stock exchanges.

Seventeen analysts, on average, had expected a profit of 21.28 billion rupees, Refinitiv data showed.

Gross bad loans as a percentage of total loans, a measure of asset quality, fell to 7.19% in the quarter from 7.53% in the prior quarter and 9.95% a year ago. ($1 = 70.9350 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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