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SBI second quarter net profit slips 69%

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The country’s largest lender SBI Monday reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30.

The bank’s net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal.

The bank had reported a net loss of Rs 4,875.85 crore in the first quarter of the current fiscal due to higher provisioning for bad loans.

Its total income (consolidated) rose to Rs 79,302.72 crore in the quarter under review, compared to Rs 74,948.51 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

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