State Bank of India Q1 net profit falls, shares drop

  • Reuters, Mumbai
  • |
  • Updated: Aug 12, 2013 13:44 IST

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 rupees.

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)

 

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