The State Bank of India, the country's largest lender, reported a 10.2 per cent rise in quarterly profit on trading gains and rising loan demand.
High provisioning requirement likely to hit SBI, ICICI Bank
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 Rs 2490 crore ($530.2 million) from Rs 2260 crore a year earlier.
That met a Reuters poll of brokers who forecast a profit of Rs 2460 crore for the period.
Closest rival ICICI Bank said on Friday its quarterly net profit rose 2.6 per cent, beating forecasts.
State Bank of India sees loan demand rising
Shares in State Bank, valued at $31.5 billion, rose 26 per cent in July-September, beating a 20 per cent rise in the sector index and an 18 per cent gain on the benchmark index.
