November 5, 2018 / 10:02 AM / 14 days ago

State Bank of India posts first quarterly profit in four, beats estimates

Nov 5 (Reuters) - State Bank of India (SBI) reported its first quarterly profit in four on Monday, as the country’s largest lender by assets set aside lower provisions for bad loans.

SBI's net profit came in at 9.45 billion rupees ($129.41 million) for the second quarter ended Sept 30, compared with a profit of 15.82 billion rupees a year ago, according an exchange filing here

This was much bigger than the 5.65 billion rupees average estimate of 10 analysts, according to Refinitiv data.

The bank’s asset quality improved, with gross bad loans as a percentage of total loans at 9.95 percent at Sept-end, compared with 10.69 percent in the previous quarter. It was still higher than 9.83 percent in the year-ago period. ($1 = 73.0250 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Rashmi Aich)

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