State Bank of India , the country's largest lender, on Thursday reported a more than 83% jump in fourth-quarter profit, led by a sharp drop in provisions on bad loans and healthy credit growth.
The State Bank of India office building is pictured in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri, the country's largest lender, on Thursday reported a more than 83% jump in fourth-quarter profit, led by a sharp drop in provisions on bad loans and healthy credit growth.
Provisions and contingencies more than halved to 33.16 billion rupees amid an improvement in asset quality. Lenders have cleaned up their balance sheets over the past few years following better credit growth, bad loan recoveries and write-offs. The bank's gross loans increased by nearly 16%, while deposits climbed 9.2%, largely led by term deposits.
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