BENGALURU - 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)