State Bank of India’s net profit rose by more than half in the quarter ended September, aided by higher core income and a fall in provisions against bad loans over the year earlier.
Net profit of India’s largest lender rose to Rs 4,574 crore in the July-September period from Rs 3,012 crore a year ago, according to an exchange filing. That compares with a the Rs 3,689-crore consensus estimate of analysts tracked by Bloomberg.
These are the first quarterly results reported by the bank after Dinesh Khara took over as chairman last month.
Its net interest income, or core income, rose 14.55% year-on-year to Rs 28,181 crore compared with the Rs 27,089-crore forecast. The bank’s total income rose 3.4% over the year earlier to Rs 75,342 crore.
SBI’s asset quality, too, improved during the reported quarter. Gross non-performing assets ratio fell 16 basis points…