Standalone net profit, not including contributions from subsidiaries, jumped to 28.15 billion rupees ($433.44 million) for the three months to March 31 from 12.64 billion rupees a year earlier.

Analysts on average had expected a net profit of 28.33 billion rupees for the lender, according to data compiled by Thomson Reuters. SBI accounts for more than a fifth of India's total banking assets.

Gross bad loans as a percentage of total loans fell to 6.9 percent in March from 7.23 percent in December.