State Bank of India, the nation's top lender by assets, reported a better-than-expected 23 per cent increase in quarterly profit and a lower bad loan ratio, sending its shares more than 5 per cent higher.
Mumbai: State Bank of India, the nation's top lender by assets, reported a better-than-expected 23 per cent increase in quarterly profit and a lower bad loan ratio, sending its shares more than 5 per cent higher.
SBI, which accounts for about a quarter of Indian loans and deposits, said net profit rose to 37.42 billion rupees ( $589.11 million) for its fiscal fourth quarter to March 31 from 30.41 billion rupees a year earlier.
Gross bad loans ratio stood at 4.25 per cent in the March quarter, compared with 4.9 per cent in the December quarter.
($1 = 63.5200 rupees)
Comments
0 comment