The drop came after the bank's bad loans had climbed since SBI merged its five subsidiary banks with itself earlier in the year.
Gross bad loans as a percentage of total loans stood at 9.83% at end-September compared with 9.97% at end-June.
State Bank of India (SBI), India's largest lender, has posted a 37.7 per cent decline in standalone net profit at Rs 1,581.55 crore in the September 2017 quarter as against Rs 2,538.32 crore in the same period of a year ago amid a rise in bad loans.
To set aside enough buffers against the expected bad loans, SBI's provisions increased 87 percent over the previous three months to Rs 18,418 crore in the quarter ended September.
Slippages were under control, as gross non-performing assets (GNPA) declined sequentially from Rs 188,068 crore to Rs 186,115 crore at the end of Q2FY18.
State Bank of India, the nation's biggest lender by assets, reported a second-quarter net profit of Rs1,582 crore ($243.3 million), missing estimates, on higher provisions for bad loans.
Income from non core business helped the bank making higher profits despite higher provisions and call fall in net interest margin to 2.37 per cent from 2.67 per cent a year back.
The bank is also witnessing good recoveries from retail and small and medium enterprises (SMEs) with its NPAs in retail declining to Rs 53,000 crore, of the total NPAs of Rs 1,86,115 crore.
Instead, the NPAs worsened from a year ago, with gross NPAs at 7.14 per cent and net NPAs at 4.19 per cent as on September 2016.
The Rs. 8,400-crore SBI Life Insurance's IPO was oversubscribed 3.58 times during the offer period from September 20-22. The annualised slippage ratio declined to 1.85 per cent compared to 5.28 per cent during the June quarter.
SBI has revealed exposure to 27 accounts from the second list of RBI-identified companies. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds.
Essentially, wealthier individuals would see their tax rate increase be 6% for income between $1 and $1.2 million. The Senate measure fails to repeal the estate tax , though it doubles the size of estates exempted from the tax.
Geoff Stahl, formerly a software manager for games and graphics at Apple , is one of the directors of the " rOS " software group. Apple also invested $200 million in Corning in May as part of a $1 billion commitment to strengthen USA manufacturing.
A North Carolina air traffic controller was one of two suspects arrested after being found in possession of a homemade pipe bomb. Fells, 39, admitted making the bomb so that he could "use it against a neighbor", but he changed his mind and gave it to Mr.
Also on Saturday, the USA and South Korean navies launched four days of joint drills off the east coast of South Korea. During his recent visit to Seoul, Trump said, " North Korea is not the paradise your grandfather envisioned.
A little warmup on Sunday with temperatures back in the upper 40s and a chance for rain showers by Sunday evening. The Accuweather.com forecast is calling for a brisk Friday with a high temperature of 41 degrees and sunny skies.
The disputed President of Catalonia has told Sky News the Spanish state has "damaged democracy in order to stop independence". Puigdemont is now in Brussels, and a Belgian judge is now processing a European arrest warrant that Spain issued against him.
It seems that Google latest flagships, the Pixel 2 and Pixel 2 XL are turning to be one of the buggiest ones. Likewise, device owners have reported the issues persists regardless of which brand of headphones are used.
In a video posted Wednesday on Twitter by ESPN writer Arash Markazi , LaVar Ball said his son LiAngelo would be fine. William Nee, an expert on China for Amnesty International, said the players could be stuck in China for a long time.
Attorney Malcolm LaVergne on Thursday told The Associated Press that Simpson received a trespass notice from the hotel Wednesday. Simpson was charged in the June 12, 1994 murder of his ex-wife Nicole Brown Simpson and her current boyfriend, Ron Goldman .
Hamilton , who won his fourth F1 title on October 29 in Mexico, is in Sao Paulo for this weekend's Brazilian Grand Prix. His Mercedes team have stated that the matter is in the hands of his lawyers and he would make no further comment.
Corn, Soybean Futures Consolidate After Report
That would be the most acres harvested in the state since 2011, when Colorado farmers harvested 1.3 million acres. Department of Agriculture (USDA), which will estimate U.S. 2017-18 ending stocks for wheat, corn and soybeans .
Millennium Falcon is hiding in plain sight on Google Earth
Some folks casually stumbled upon the Millennium Falcon resting in a field in Surrey, England , next to Barrows Hills Golf Club . Rey was last seen piloting the Falcon in the most recent Star Wars film but nobody expected her to end up here.
Hasbro Reportedly Trying to Acquire Mattel
Mattel's Wonder Woman doll is seen at the 114th North American International Toy Fair in New York City, U.S. on February 21, 2017. Both toymakers have been struggling with waning demand and the recent bankruptcy of Toys'R'Us, a major outlet for toy sales.
Morocco, Tunisia qualify for Russian Federation 2018 World Cup
Before today's matches, Morocco had 9 points while the Ivorians had 8 points; meaning the victor of the match would qualify. But it was the Moroccans who got the breakthrough when Nabil Dirar's cross evaded everyone and found its way it to the net.
Keith Urban Debuts New Track 'Female'
Urban is set to perform " Female ", written by Ross Copperman , at the Country Music Assn. "And as a son - my mother is alive". The lyrics streamed on the stage behind him - and they were quite powerful lyrics.
The 2018 Met Gala Theme Has Been Revealed!
The glam squad takes over from last year's celebrity co-chair's Katy Perry , Pharrell , Gisele Bundchen and Tom Brady. Meanwhile, Rihanna has attended the Met Gala no less than seven times , the first time being back in 2007.