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SBI posts record quarterly profit as bad loan provisions drop

Friday, January 31, 2020, 8:09 PM

SBI reported its biggest ever quarterly profit on lower bad loan provisions and better asset quality, sending its shares up over 3%. Net profit jumped to 55.83 billion rupees ($785.56-million) in the three months to Dec. 31, from 39.55 billion rupees a year earlier. That missed analysts' estimates for a profit of 63.34 billion rupees, according to Refinitiv-data, due to a higher tax expense.
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Operations may be impacted due to bank unions' two-day strike: SBI

Friday, January 24, 2020, 2:56 PM

The country's largest lender SBI on Friday said its operations may be impacted to some extent due to the proposed two-day nationwide strike beginning January 31. The bank has however made all arrangements to ensure normal functioning in its branches and offices, the State Bank of India (SBI) said in a filing to the BSE.