SBI net profit down 10% to ₹18,642 cr on higher base

THE country's largest lender State Bank of India (SBI) on Saturday reported a 10% drop in net income for the March quarter at ₹18,642.59 crore as against ₹20,698.35 crore it had booked in the year-ago period.

- BEN KOCHUVEEDAN @ Mumbai

The net profit fell despite strong core income growth which got whittled down by lower other incomes, especially from the treasury desk. However, sequentially the bank booked a healthy 10.37% jump in net income. Chairman CS Setty told reporters that the bottomline decline was primarily because of exceptionally higher base in the year ago period, along with a surge in prov