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SBI March Quarter Profit More Than Doubles, Meets Expectations
State Bank of India, the country\'s top lender by assets, reported fourth-quarter net profit more than doubled in line with expectations, while its bad loan ratio narrowed from the previous quarter. SBI\'s standalone net profit, not including contributions from subsidiaries, jumped to Rs. 2,815 crore  ($433.44 million) for the three months to March 31 from Rs. 1,264 crore a year earlier.
State Bank of India, the country's top lender by assets, reported fourth-quarter net profit more than doubled in line with expectations, while its bad loan ratio narrowed from the previous quarter. SBI's standalone net profit, not including contributions from subsidiaries, jumped to Rs. 2,815 crore ($433.44 million) for the three months to March 31 from Rs. 1,264 crore a year earlier.
Analysts on average had expected a net profit of Rs. 2,833 crore for the lender, according to data compiled by Thomson Reuters.
State Bank of India accounts for more than a fifth of the country's total banking assets.
Gross bad loans as a percentage of total loans fell to 6.9 per cent in March from 7.23 per cent in December.
SBI shares rose more than 2 per cent to hit an intraday high of Rs. 310 on the National Stock Exchange.
At 12:39 pm, the stock was trading 1 per cent higher at Rs. 306.40 apiece on the bourse, outperforming the Nifty index which was down 0.23 per cent.
