State Bank of India’s profits jump 62pc

11 State Bank of India1State Bank of India, the country’s largest lender by assets, reported a 62.3 per cent rise in third- quarter profit on Saturday, the Mumbai-based lender said in a regulatory filing, helped by lower provisions. Net profit rose to 84.32 billion rupees ($1.13 billion) for the three months ended December 31,

from 51.96 billion rupees a year earlier, beating analysts’ expectations for a profit of 80.94 billion rupees, according to Refinitiv IBES data. Most Indian banks have reported stronger profits for the December quarter on improved lending in the final months of the year as coronavirus restrictions were lifted.

The Daily Star

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