MUMBAI (Reuters) - State Bank of India (SBI), the nation's top lender by assets, reported a 30.5 percent increase in quarterly profit, but lagged estimates as provisions for bad loans increased.
SBI, which accounts for about a quarter of loans and deposits in India, said standalone net profit rose to 31 billion rupees ($502.92 million) during its fiscal second quarter ended September 30, from 23.75 billion rupees in the year-ago period.
Analysts on average had expected the bank to report a net profit of 32.54 billion rupees, according to data compiled by Thomson Reuters.
($1 = 61.6400 rupees)
(Reporting by Devidutta Tripathy; Editing by Biju Dwarakanath)
