State Bank of India , the country's largest lender, reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality.
A man checks his mobile phones in front of State Bank of India branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri, the country's largest lender, reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality.
Net interest income, the difference between interest earned and paid out, rose 13% to 351.82 billion rupees.Indian banks saw a 17.95% on-year jump in credit growth for the fortnight through Oct. 7, central bank data showed, and market participants expect growth to accelerate in coming months. Deposit growth lagged at 9.63% during this period.
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