STATE Bank of India, the country’s largest lender by assets, reported a 24 per cent rise in its fourth-quarter profit on Thursday (May 9), aided by strong loan demand.
The state-run lender’s net profit rose to 206.98 billion rupees (S$3.4 billion) in the quarter ended Mar 31, from 166.95 billion rupees a year ago.
Indian banks have consistently reported strong loan growth over the past few quarters boosted by consumer spending amid firm economic growth.
SBI’s interest earned grew nearly 20 per cent to 1.11 trillion rupees in the reported quarter.
Shares of the bank rose as much as 2.8 per cent after the results and were last up around 1 per cent. REUTERS
