SBI bad loans pull down SBI profit by 67%

Mumbai: State Bank of India on Thursday posted 67 per cent decline in consolidated profit to Rs12.59 billion (Dh676 million) for the third quarter ended December 31, 2015-16, on account of higher provisioning for bad loans. The SBI Group had registered a net profit of Rs38.28 billion in the October-December quarter of the 2014-15 fiscal. On a stand-alone basis, the SBI net profit plummeted by 61.6 per cent to Rs11.15 billion for the third quarter of the current fiscal. It was at Rs29.10 billion in the year ago period.