SBI profit jumps 330% in fourth quarter to ₹3,581 crore, shares rise 8%
Business / SBI profit jumps 330% in fourth quarter to ₹3,581 crore, shares rise 8%
Business - SBI profit jumps 330% in fourth quarter to ₹3,581 crore, shares rise 8%
New Delhi: State Bank of India (SBI), the country's largest lender by assets, reported a more than four-fold jump in profit for the fourth quarter on Friday, driven by a one-time gain from a stake sale in its credit card unit.Net profit for the three months ended March 31 jumped to 35.81 billion rupees ($474.46 million) from 8.38 billion rupees a year earlier, Mumbai-based SBI said in a regulatory filing.Gross bad loans as a percentage of total loans, a measure of asset quality, eased to 6.15% from 6.94% in the previous quarter, while provisions for bad loans fell 31.4% to 118.94 billion rupees.