India : State Bank of India Q1 net falls 32 percent, bad loans rise slightly
Fri Aug 12 2016
Ramesh Sridharan (877 articles)

India : State Bank of India Q1 net falls 32 percent, bad loans rise slightly

MUMBAI : State Bank of India (SBI), the nation’s top lender by assets, reported on Friday first-quarter net profit fell 32 percent, in line with estimates, and its bad loans rose slightly.

SBI shares rose more than 5 percent after the results on the lower-than-expected rise in bad loans.

The lender, which accounts for more than a fifth of India’s total bank loans and deposits, said standalone net profit was 25.21 billion rupees for the three months to June 30, against 36.92 billion rupees reported a year earlier.

Analysts on average had expected a net profit of 25.4 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 6.94 percent as of end-June, from 6.50 percent in March.

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai

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