ReutersReuters

India's largest lender SBI reports lower profits compared to last year

India's largest lender State Bank of India (SBIN) said on Saturday its first quarter net profit was 60.68 billion rupees ($764.62 million), down from 65.04 billion rupees a year earlier as other income declined significantly.

Other income for the bank in the June quarter was 23.12 billion rupees compared to 118.02 billion rupees.

Gross bad loans as a percentage of total assets for the first quarter of this financial year were at 3.91% compared to 3.97% in the previous quarter.

($1 = 79.3600 Indian rupees)

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