January 31, 2020 / 8:19 AM / 17 days ago

State Bank of India profit jumps as bad loan provisions drop

BENGALURU, Jan 31 (Reuters) - State Bank of India (SBI), the country’s largest lender by assets, reported its biggest quarterly profit in at least 15 years on Friday, as provisions for bad loans fell and asset quality improved.

Net profit jumped to 55.83 billion rupees ($785.56 million) in the three months to Dec. 31, from 39.55 billion rupees a year earlier. Analysts had expected a profit of 63.34 billion rupees, according to Refinitiv data.

Gross bad loans as a percentage of total loans, a measure of asset quality, slipped to 6.94% at December-end from 7.19% in the prior quarter and 8.71% a year earlier, the Mumbai-based bank said in a regulatory filing here ($1 = 71.0700 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Shounak Dasgupta)

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