State Bank of India (SBI), the country’s largest lender, on Saturday reported an unexpectedly sharp 35% decline in net profit for the October-December quarter, pressured by higher pension costs and wage revisions.
Net profit fell to Rs 9,164 crore ($1.1 billion) in the fiscal third quarter, compared to Rs 14,205 crore in the same period a year earlier, SBI said in an exchange filing.
Analysts had estimated a profit of Rs 12,987 crore for the quarter, according to LSEG data.
Profits were hit by a provision of Rs 7,100 crore for salary revisions and pension costs, the bank said.
First print: February 3, 2024 | 2:34 PM IST