June 5, 2020 / 8:56 AM / a month ago

Indian lender SBI's profit jumps four-fold on gain from card unit stake sale

BENGALURU, June 5 (Reuters) - State Bank of India (SBI), the country’s largest lender by assets, reported a more than four-fold jump in profit for the fourth quarter on Friday, driven by a one-time gain from a stake sale in its credit card unit.

Net profit for the three months ended March 31 jumped to 35.81 billion rupees ($474.46 million) from 8.38 billion rupees a year earlier, Mumbai-based SBI said here in a regulatory filing.

Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 6.15% from 6.94% in the previous quarter, while provisions for bad loans fell 31.4% to 118.94 billion rupees. ($1 = 75.4757 Indian rupees) (Reporting by Chris Thomas in Bengaluru; Editing by Vinay Dwivedi)

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