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SBI Posts Profit For First Quarter

Interest earned rose 6.5% to Rs 626.38 billion, while provisions for bad loans dived 10.7% in the quarter

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The State Bank of India (SBI) on Friday reported a profit for the first-quarter, compared with a loss a year earlier, as India's largest lender by assets earned more interest income, while provisions for bad loans dropped.

Net profit stood at Rs 23.12 billion ($332.14 million), for the three months ended June 30, compared with a loss of Rs 48.76 billion reported last year due to lower trading income and treasury losses, the bank said on Friday.

About 22 analysts, on an average, had expected the Mumbai-based lender to post a profit of Rs 40.83 billion, Refinitiv data showed.

Gross bad loans as a percentage of total loans, a measure of asset quality, stood at 7.53% by June-end, flat over the previous quarter and lower than 10.69% in the same period last year.

Interest earned rose 6.5% to Rs 626.38 billion, while provisions for bad loans dived 10.7% in the quarter.

(Reuters)


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