SBI net profit dips to Rs.1,584 crore

The net profit of Sate Bank of India (SBI) dipped to Rs.1,584 crore by 45.7 per cent for the quarter - April to June in the current fiscal, from Rs 2914 crore in the previous quarter.

The net profit of SBI plunged following higher provisioning for bad loans and investment depreciation. But the bank’s net interest income (NII) was up by nearly 33 per cent to Rs 9,699 crore.