India’s top lender SBI Q4 profit misses

State Bank of India (SBI) missed fourth-quarter profit estimates despite record earnings as higher overhead costs and interest expenses weighed, with a rise in new bad loans sending shares falling to lowest levels in over two months.

Shares of SBI, India’s biggest lender widely seen as a bellwether bank, reversed course and closed 3.9 percent lower at 444.65 rupees ($5.74) apiece - the lowest level since March 8 2022, after rising as much as 3.1 percent earlier.

SBI’s net profit for the quarter ended March 31 was 91.14 billion rupees, up from 64.51 billion a year earlier but short of the 101.60 billion expected by 14 analysts on average, Refinitiv IBES data showed.