State Bank of India, India’s biggest lender by asset, on Friday reported 20.45% decline in its net profit for the June quarter as bad loans surged.
Net profit for the quarter was reported at Rs2,005.53 crore as compared to Rs2,520.96 crore a year ago. Fourteen analysts polled by Bloomberg had forecast a profit of Rs2,955.90 crore.
Provisions and contingencies surged 53.1% to Rs21,054.74 crore from Rs13,752.66 crore in the same quarter last year. Quarter on quarter, it fell 7.38% from Rs22,733.01 crore.