State Bank of India Q4 net profit more than doubles to Rs 2,815 cr, NPAs fall

SBI’s gross NPAs fell to 6.9% in March from 7.23% in December.

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.

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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.