The logo of State bank of India is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 11, 2024. REUTERS
Aug 7 (Reuters) – State Bank of India posted a bigger-than-expected quarterly profit on Friday, helped by healthy loan growth, pushing its shares up 3%.
The country’s largest lender by assets reported a net profit of 211.21 billion rupees ($2.22 billion) for the quarter ended June 30, up from 191.6 billion rupees a year earlier.
Analysts on average had expected a profit of 191.02 billion rupees, per data compiled by LSEG.
Credit growth has been robust for the last few quarters in the Asia’s third largest economy. Corporates have been borrowing heavily as they garner a larger share of business. Households, meanwhile, continue to drive demand for loans, including for consumption and gold-backed borrowing.
SBI’s net interest income, the difference between interest earned on loans and paid on deposits, grew near 15% to 469.92 billion rupees in the June quarter, according to a Reuters calculation.
Reporting by Nishit Navin in Bengaluru
