India's largest lender State Bank of India's fourth quarter net profit tumbled nearly 99% year-on-year to Rs 21 crore on higher provisioning against non-performing assets and gratuity. This is much below the street expectations.
In an interview with CNBC-TV18, Suresh Ganapathy, Banking Analyst, Macquarie Research says, asset quality has deteriorated a bit this quarter and that is the reason provisioning has gone up.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
