SBI Net Profit Shrinks 35%

SBI quarterly earnings plunged 35% during July-Sept as provisions for bad loans eroded treasury gains. Net profit fell to ` 2,538 crore in the Sept quarter, from ` 3,879 crore a year ago. SBI chairman Arundhati Bhattacharya said bad loans would continue to mar prospects. Provisioning for bad loans nearly doubled to ` 7,670 cr as gross bad loans climbed to a record of ` 1.05 lakh cr.

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