India's six largest banks saw a 34.4% year-over-year increase in their combined net income for the fiscal year ended March 31, as three of the six banks saw a narrowing of provisions.
Aggregate net income for State Bank of India, ICICI Bank Ltd., Bank of Baroda, Punjab National Bank, Bank of India and HDFC Bank Ltd. rose to 272.15 billion rupees from 202.44 billion rupees.
Asset write-downs at the banks rose to 1.170 trillion rupees from 971.56 billion rupees, though Bank of Baroda, Punjab National Bank and Bank of India all reported that provisions declined.
However, State Bank of India, the country's largest lender by assets, reported a 98.0% year-over-year decline in net profit for the full year, amid a surge in provisions and contingencies for the year to 612.91 billion rupees from 373.95 billion rupees. HDFC Bank and ICICI Bank, the two private sector banks among the six, also saw a rise in provisions for the year.
As of June 2, US$1 was equivalent to 64.26 Indian rupees.
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