India's State Bank profit up 15 percent on loan growth

0 Comments | AFP, July, 2008

MUMBAI (AFP) — India's largest bank, the State Bank of India, said Saturday its net profit rose a better-than-expected 15.08 percent in the first fiscal quarter on loan growth.

The bank reported net profit for the three months to June of 16.4 billion rupees (383 million dollars) against 14.25 billion rupees a year earlier.

Total income rose 32.4 percent at 162.03 million rupees.

Operating profit for the quarter rose more than 118 percent to 51.68 million rupees.

The bank, the country's largest lender with more than 10,000 branches nationwide, in March raised over four billion dollars through a share rights issue.

The bank said it wanted to use the money to expand its operations in the next three years.

During the past decade it has...