May 10, 2019 / 8:32 AM / 10 months ago

State Bank of India turns in profit for fourth quarter

BENGALURU, May 10 (Reuters) - State Bank of India (SBI) reported a profit for the fourth quarter, compared with a record loss a year ago, as the country’s largest lender benefited from better asset quality and higher income from its retail banking business.

Net profit came in at 8.38 billion rupees ($120.04 million) for the three months ended March 31, compared with the loss of 77.18 billion rupees reported last year that was caused by a surge in bad loans, the Mumbai-based state-run lender said.

Analysts had estimated a profit of 43.93 billion rupees, I/B/E/S data from Refinitiv showed.

Revenue from SBI’s retail banking business grew 15.3% to 336.62 billion rupees. Gross bad loans as a percentage of total loans, a measure of asset quality, eased 118 basis points at quarter-end, compared to the previous quarter. ($1 = 69.8110 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Muralikumar Anantharaman)

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