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State Bank of India first-quarter profit falls 20 percent, bad loans rise sharply


REUTERS - State Bank of India, the nation's biggest lender by assets, posted a 20 percent fall in first-quarter profit as provisions for bad loans soared.Net profit, not including contributions from subsidiaries, fell to 20.06 billion rupees ($312.84 million) in the quarter ended June 30, from 25.21 billion rupees a year earlier, the state-run lender said on Friday. ( on average had expected the Mumbai-based bank to report a net profit of 30.29 billion rupees, according to Thomson Reuters data.Gross bad loans as a percentage of total loans rose to 9.97 percent at ...

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First Published: Fri, August 11 2017. 13:17 IST