6 biggest Indian banks post 3% decline in fiscal-year profit

Due to poor performance of some banks.

India's six largest banks—State Bank of India, ICICI Bank Ltd., Bank of Baroda, Punjab National Bank, Bank of India and HDFC Bank Ltd.—saw their net profit fall 3 percent year over year in the fiscal year which ended March 31.

According to a release from SNL Financial, aggregate net profit attributable to the parent companies fell 3% to 455.63 billion Indian rupees from 469.68 billion rupees a year earlier.

The release noted that the decrease is attributable to poor performance at the largest bank, State Bank of India, which saw net income fall 21%, and Punjab National Bank, which saw net income drop 27% year over year.

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