By Ronnie Harui
State Bank of India's fourth-quarter consolidated net profit more than fivefold from a year earlier, partly owing to higher profits from its associates.
Group net profit rose to 69.10 billion Indian rupees ($916.1 million) in three months ended March 31, from INR12.44 billion a year earlier, the lender said Friday. On a standalone basis, net profit increased to INR35.81 billion from INR8.38 billion a year ago.
Consolidated total income rose to INR942.19 billion from INR915.35 billion a year earlier. Standalone total income rose to INR760.28 billion from INR756.71 billion a year ago.
Due to the spread of the Covid-19 pandemic, SBI said the earnings situation continues to be uncertain and it is assessing the situation on an ongoing basis.
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