State Bank of India on May 13 reported a 41 percent year-on-year rise in net profit of Rs 9,113.5 crore for the quarter ended March, which was below Street's estimate of Rs 9,927.6 crore.
The lender's net interest income for the reported quarter rose 15.3 percent on-year to Rs 31,198 crore as against analysts' expectations of Rs 31,570 crore.
The lender's board also recommended a dividend of Rs 7.1 per share for the financial year ended March 31, 2022.
The lender continued to see sequential improvement in asset quality as gross non-performing assets ratio declined to 3.97 percent from 4.5 percent in the previous quarter. Similarly, the bank's net NPA ratio fell to 1.02 percent in the reported quarter from 1.34 percent in the previous quarter.
The state-owned lender saw a 19 percent year-on-year decline in net bad loans to Rs 27,966 crore.(This is a developing story. Please check back for details.)