The net profit of SBI shoots up to 31 billion rupees
SBI General Insurance has received 541 claims after Cyclone Hudhud, which lashed the Andhra Pradesh coast recently, and would settle 70 per cent of claims
State Bank of India, the nation's top lender by assets, reported a 30.5 per cent 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.
( Source : reuters )
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