State Bank of India, the nation’s top lender by assets, reported fourth-quarter net profit more than doubled in line with expectations, while its bad loan ratio narrowed from the previous quarter.
Standalone net profit, not including contributions from subsidiaries, jumped to Rs 2,815 crore ($433.44 million) for the three months to March 31 from Rs 1,264 crore a year earlier.
Analysts on average had expected a net profit of Rs 2,833 crore for the lender, according to data compiled by Thomson Reuters. SBI accounts for more than a fifth of India’s total banking assets.
Gross bad loans as a percentage of total loans fell to 6.9% in March from 7.23% in December.