SBI posts sharpest fall in profit since 2011
Mumbai
STATE Bank of India, the country's largest lender by assets, posted the sharpest profit drop since 2011 as a central bank audit triggered a surge in provisions for bad loans.
Net income fell 66 per cent to 12.6 billion rupees (S$258 million) for the three months through March from 37.4 billion rupees a year earlier, the Mumbai-based lender said in a Friday exchange filing. Profit missed the 18.3 billion-rupee average of analyst estimates compiled by Bloomberg.
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