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.