India's largest bank SBI reports record quarterly profit

Credit: REUTERS/SHAILESH ANDRADE

State Bank of India, the country's largest lender by assets, reported a record quarterly profit on Wednesday, helped by a sharp drop in provisions for soured assets.

BENGALURU, Aug 4 (Reuters) - State Bank of India SBI.NS, the country's largest lender by assets, reported a record quarterly profit on Wednesday, helped by a sharp drop in provisions for soured assets.

Net profit rose 55% to 65.04 billion rupees ($876.79 million) for the three months ended June 30, from 41.89 billion rupees a year earlier, the lender said in a regulatory filing.

($1 = 74.1800 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Sriraj Kalluvila)

((chris.thomas@thomsonreuters.com; +91-80-6749-8695;))

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