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 ₹5, 583 crore ($785.56 million) in the three months to Dec. 31, from 3,955 bcrore a year earlier. Analysts had expected a profit of ₹6,334 crore, 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.
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