India’s largest bank SBI reports 81% jump in quarterly profit – ZAWYA

India’s largest bank SBI reports 81% jump in quarterly profit – ZAWYA

India's largest bank SBI reports 81% jump in quarterly profit Net profit climbed to $559.95mln for the three months ended June 30    A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. Image used for illustrative purpose.BENGALURU - State Bank of India, the country's largest lender by assets, reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.Net profit climbed to 41.89 billion rupees ($559.95 million) for the three months ended June 30, from 23.12 billion rupees a year earlier, Mumbai-based SBI said in a regulatory filing.Analysts on average were looking for a profit of 34.49 billion rupees, according to Refinitiv data.Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 5.44% from 6.15% in the previous quarter and 7.53% a year earlier.($1 = 74.8100 Indian rupees)(Reporting by Chris Thomas in Bengaluru; Editing by Saumyadeb Chakrabarty) (([email protected]; +91-80-6749-8695;)) Most Read Stock Market DataDubai FM 2,050.77263,189,169(-0.70% )Abu Dhabi SE 4,304.73687,109,773(-0.45% )Saudi SE 7,459.21201,691,793(0.05% )Egypt SE 10,599.46273,644,678(0.29% )Most Active Stocks MoreOur Privacy Statement & Cookie PolicyThis website uses cookies to improve