India’s largest lender, State Bank of India (SBI), reported a 35% YoY drop in net profit for the October-December quarter, amounting to INR 9,164 crore ($1.1 billion). The unexpected decline was attributed to higher pension costs and wage revisions, with a provision of INR 7,100 crore impacting profits. Analysts had estimated a profit of INR 12,987 crore for the quarter. The bank’s performance reflects challenges in managing expenses amidst ongoing economic uncertainties.