SBI reported a Q2 net profit of 15.82 billion rupees missing estimates, on higher provisions for bad loans.
SBI Cards is also in the process of speeding up customer acquisition process by reducing the delivery period so that more and more people are added to the network.
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.
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