Feb
11
State Bank of India Third-Quarter Profit Drops 62%
By
Pedestrian walks by State Bank of India in Mumbai.
Photographer: Kuni Takahashi/Bloomberg
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Provisions for bad loans almost double in the December quarter
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Soured debt `will bog down profit’ in short term, analyst says
State Bank of India, the country’s largest lender, reported the biggest profit drop in five years as provisions for bad loans almost doubled from three months earlier. Shares plunged to a two-year low.
Net income dropped 62 percent to 11.2 billion rupees ($164 million), or 1.43 rupees a share, for the three months ended Dec. 31, from 29.1 billion rupees, or 3.9 rupees, a year earlier, the Mumbai-based lender said Thursday in an exchange filing. That was the biggest drop since March 2011 and missed the 33 billion-rupee mean of 29 analyst estimates compiled by Bloomberg…
State Bank of India Third-Quarter Profit Drops 62%
