State Bank of India Q3 net profit jumps, beats estimates
- By Reuters |
- Feb 10, 2017
- Last Updated at 13:39 IST
MUMBAI (Reuters) - State Bank of India <SBI.NS>, 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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