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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