Mumbai: Country’s largest lender State Bank of India (SBI) 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 that its July-September net profit rose to Rs2,490 crore ($530.2 million) from Rs2,260 crore a year earlier.
That met a Reuters poll of brokers who forecast a profit of Rs2,460 crore for the period.
Closest rival ICICI Bank on Friday said that 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.