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HomeBusinessState Bank of India Q2 profit up 30.5%; lags estimates

State Bank of India Q2 profit up 30.5%; lags estimates

State Bank of India (SBI), the nation’s top lender by assets, reported a 30.5 per cent increase in quarterly profit, but lagged estimates as provisions for bad loans increased.

SBI, which accounts for about a quarter of loans and deposits in India, said standalone net profit rose to 31 billion rupees ($502.92 million) during its fiscal second quarter ended September 30, from 23.75 billion rupees in the year-ago period.

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