State Bank of India third-quarter net rises 4 per cent, bad loans weigh

Mumbai: State Bank of India, the country's biggest lender, reported a 4 per cent gain in quarterly net profit, the smallest increase in more than a year, as higher provisions for bad loans and slower loan demand hurt growth.

Standalone net profit rose to Rs 3396 crore for the quarter ended December, from Rs 3260 crore a year earlier, the bank said on Thursday. Analysts, on average, had expected a net profit of Rs 3696 crore.

SBI's standalone non-performing loan ratio of 2.59 per cent of assets for the quarter compared with 2.2 percent a year earlier.

Standalone net profit rose to Rs 3396 crore for the quarter ended December, from Rs 3260 crore a year earlier.

(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)