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The state-run bank, which along with its associates controls about a quarter of Indian bank loans and deposits, posted a net profit of 209 million rupees ($4.6 million) in the fourth quarter ended March, versus 18.67 billion rupees a year ago.
A Reuters poll of brokerages had forecast a profit of 30.33 billion rupees.
State Bank said provision for bad loans in the quarter rose to 32.64 billion rupees from 21.87 billion rupees a year ago.
At 1:16 p.m. (0746 GMT), SBI shares were down 4.8 percent at 2,488 rupees in a weak Mumbai market .