MUMBAI Aug 12 State Bank of India (SBI)
, the country's largest lender, posted a second
consecutive drop in quarterly net profit, missing estimates, on
worsening asset quality, higher operating expenses and muted
growth in interest income.
The state-run bank posted on Monday a 13.6 percent drop in
net profit to 32.41 billion rupees ($532.49 million) in the
fiscal first quarter that ended in June compared with 37.52
billion rupees a year ago.
Net interest income rose 3.5 percent to 115.12 billion
Analysts had expected a net profit of 36.2 billion rupees,
according to Thomson Reuters I/B/E/S. The bank's shares fell
more than 5 percent after the earnings were announced.
($1 = 60.8650 Indian rupees)
(Reporting by Swati Pandey; Editing by Miral Fahmy)