State Bank of India Q2 profit misses estimates

State Bank of India, the nation’s biggest lender by assets, reported a second-quarter net profit of 15.82 billion rupees ($243.3 million), missing estimates, on higher provisions for bad loans.

Analysts on average had expected a net profit of 26.96 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 9.83 per cent at end-September compared with 9.97 per cent at end-June.