State Bank of India (SBI), the largest public sector lender, reported an improvement in asset quality in the quarter. Gross nonperforming assets moved down 7.92% or Rs 48.80 billion to Rs 567.25 billion on Mar. 31, 2015 from Rs 616.05 million on Mar. 31, 2014. Similarly, net nonperforming assets moved down 11.27% or Rs 35.05 billion to Rs 275.91 billion on Mar. 31, 2015 from Rs 310.96 million on Mar. 31, 2014.

Gross nonperforming assets to total loans ratio was 4.25% as on Mar. 31, 2015, down 70 basis points from 4.95% on Mar. 31, 2014. Meanwhile, net nonperforming assets to total loans ratio was 2.12% as on Mar. 31, 2015, down 45 basis points from 2.57% on Mar. 31, 2014.

SBI reported a rise of 23.09% in standalone net profit to Rs 37.42 billion for the quarter ended Mar. 31, 2015 as compared to Rs 30.40 billion in the same period last year. Analysts on average had predicted net profit to come at Rs 34.81 billion.

Total income increased by 14.54% to Rs 486.16 billion for the quarter ended Mar. 31, 2015 as compared to Rs 424.43 billion in the same period last year.

The bank has made provision of Rs 65.92 billion, which was higher by 11.90% from prior year period.

Shares of the bank gained Rs 2.85, or 0.98%, to trade at Rs 292.20. The total volume of shares traded was 6,708,946 at the BSE (2.18 p.m., Friday).