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State Bank of India Q3 net rises 4 pct, bad loans weigh

Source : REUTERS
Last Updated: Thu, Feb 14, 2013 07:20 hrs

MUMBAI, Feb 14 (Reuters) - State Bank of India, the country's biggest lender, reported a 4 percent gain in quarterly net profit, the smallest increase in more than a year, as higher provisions for bad loans and slower loan demand hurt growth.

Standalone net profit rose to 33.96 billion rupees ($631.40 million) for the quarter ended December from 32.6 billion rupees a year earlier, the bank said on Thursday.

Analysts, on average, had expected a net profit of 36.96 billion rupees, according to Thomson Reuters I/B/E/S.

SBI's standalone non-performing loan ratio of 2.59 percent of assets for the quarter compares with 2.2 percent a year earlier.

($1 = 53.79 rupees) (Reporting by Swati Pandey; Editing by Anupama Dwivedi)

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