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SBI Profit Slumps 66% In Q4 As Bad Loans Jump To Nearly 1 Lakh Crore

SBI, stake, nse

Mumbai: State Bank of India, the country's biggest lender, posted a massive 66 per cent fall in its net profit in the March quarter. SBI's profit fell to Rs 1,264 crore in Q4 as provisioning for bad loans rose sharply during Q4.

SBI's profit drop was higher than analysts' expectations. The Mumbai-based set aside Rs 12,140 crore as provisions for bad loans in Q4. Total bad loans jumped to Rs 98,173 crore in the March quarter from Rs 72,792 crore in the previous December quarter.

SBI's numbers were much better that its other state-run peers. Over the last few weeks, many public sector banks have reported thousands of crores of losses because of mounting bad loans.

SBI shares traded 1.1 per cent higher at Rs 186.20 as compared to 0.92 per cent gain in the broader Nifty.

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