State Bank of India Q3 result: Net profit declines 35%, misses forecast

Net profit fell to 9,164 crore rupees ($1.1 billion) in its fiscal third quarter from Rs 14,205 crore in the same period a year earlier, SBI reported in a stock exchange filing

State Bank of India (SBI), the country's largest lender, on Saturday reported an unexpectedly steep 35% drop in net profit for the October-December quarter, weighed down by higher pension costs and wage revisions.

Net profit fell to Rs 9,164 crore ($1.1 billion) in its fiscal third quarter from Rs 14,205 crore in the same period a year earlier, SBI reported in a stock exchange filing.

Analysts had estimated a profit of Rs 12,987 crore for the quarter, according to LSEG data.

Profit was hit by a Rs 7,100 crore provision for wage revisions and pension costs, the bank said.