NEW DELHI : State Bank of India missed estimates for quarterly earnings on Friday as the lender made higher provisions for its bad debt.

SBI posted a profit of 838.40 crore while 19 Bloomberg analysts had estimated a profit of 4,840.80 crore during the quarter. Last year, in the same quarter, the bank had posted a loss of 7,718.17 crore.

Provisions and contingencies surged 174.75% to 16,501.89 crore during the quarter from 6,006.22 crore a quarter ago.

"It looks like they have front-loaded their provisions and that has resulted in net income missing estimates. Asset quality, though, has improved and we expect provisions to be lower as the year progresses,'' Bloomberg reported quoting Rati Pandit, an analyst at Sunidhi Securities & Finance.

Net interest income (NII), or the core income a bank earns by providing loans, was up 15% to 22,953.83 crore from 19,974.28 crore in the same quarter last year. Non-interest income was 12,685.12 crore, up 1% from 12,494.78 crore in the same quarter a year ago.

As a percentage of total loans, gross NPAs stood at 7.53% against 8.71% in the previous quarter and 10.91% in the same quarter a year ago. Net NPAs were at 3.01% in the March quarter against 3.95% in the previous quarter and 5.73% in the same quarter last year.

Deposits rose 7.58% to 29.11 trillion while advances increased 13% to 21.86 trillion.

At 14.15pm, SBI was trading at 300.05 on the BSE, up 0.27% from its previous close, while India’s benchmark Sensex index rose 0.29% to 37,666.49 points