State Bank of India Net Profit Jumped in Jan-Mar Quarter

By Debiprasad Nayak Features Dow Jones Newswires

State Bank of India, the country's largest lender by assets, said net profit more than doubled in the latest quarter, buoyed by higher net interest income.

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Net profit in the three months ended March 31 rose to 28.15 billion rupees ($434 million), from 12.64 billion rupees a year ago, the company said Friday. That was slightly below analysts' prediction of 28.33 billion rupees, according to a Thomson Reuters survey.

Net interest income rose 17.3% to 180.71 billion rupees.

Net bad loans fell marginally to 3.71% of total loans from 3.81% a year earlier.

Shares of State Bank of India were up 1.1% at 306.15 rupees on Mumbai's BSE stock exchange after the release of the results.

Write to Debiprasad Nayak at debiprasad.nayak@wsj.com

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(END) Dow Jones Newswires

May 19, 2017 03:26 ET (07:26 GMT)