MUMBAI: The State Bank of India, the country's largest lender, reported a 10.2% rise in quarterly profit on trading gains and rising loan demand.
The bank, which along with its associates controls almost a quarter of Indian bank loans and deposits, said on Saturday its July-September net profit rose to 24.9 billion rupees ($530.2 million) from 22.6 billion rupees a year earlier.
That met a Reuters poll of brokers who forecast a profit of 24.6 billion rupees for the period.
Closest rival ICICI Bank said on Friday its quarterly net profit rose 2.6%, beating forecasts.
Shares in State Bank, valued at $31.5 billion, rose 26% in July-September, beating a 20% rise in the sector index and an 18% gain on the benchmark index.
The bank, which along with its associates controls almost a quarter of Indian bank loans and deposits, said on Saturday its July-September net profit rose to 24.9 billion rupees ($530.2 million) from 22.6 billion rupees a year earlier.
That met a Reuters poll of brokers who forecast a profit of 24.6 billion rupees for the period.
Closest rival ICICI Bank said on Friday its quarterly net profit rose 2.6%, beating forecasts.
Shares in State Bank, valued at $31.5 billion, rose 26% in July-September, beating a 20% rise in the sector index and an 18% gain on the benchmark index.
POSTED BY:
PALLAVI SINGH
PGDM III SEM
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