State Bank of India Q2 net profit rises 30 pct, bad loans increase
MUMBAI Nov 9 (Reuters) - State Bank of India, the country's biggest lender, posted a 30 percent gain in quarterly net profit, the smallest increase this year, as higher provisioning for bad loans constrained earnings growth.
Net profit rose to 36.58 billion rupees ($671.13 million) for the quarter ended September from 28.1 billion rupees a year earlier, the bank said on Friday.
Analysts, on average, had expected a net profit of 35.69 billion rupees, according to Thomson Reuters I/B/E/S.
Non-performing loans increased to 5.15 percent of total assets at end-September, compared with 4.19 percent a year earlier. ($1 = 54.5050 Indian rupees) (Reporting by Swati Pandey; Editing by Ryan Woo)
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