SBI reports profit of RS 2,312 Crore in Q1

BENGALURU: 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 2,312 crore ($332.14 million), for the three months ended June 30, compared with a loss of Rs 4,876 crore 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 4,083 crore, 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 62,638 crore, while provisions for bad loans dived 10.7% in the quarter.