State Bank of India, the nation's biggest lender by assets, posted a 20 per cent fall in first-quarter profit as provisions for bad loans soared.
Net profit, not including contributions from subsidiaries, fell to Rs 2,006 crore in the quarter ended June 30, from Rs 2,521 crore a year ago, the state-run lender said on Friday.
Analysts on average had expected the Mumbai-based bank to report a net profit of Rs 3,029 crore, according to Thomson Reuters data.
Gross non-performing assets (NPAs) as a percentage of total loans rose to 9.97 per cent at end-June from 6.90 per cent at March-end and 6.94 per cent a year earlier.