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India`s SBI Q4 profit jumps 24% on strong loan demand
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State Bank of India, the country's largest lender by assets, reported a 24% rise in its fourth-quarter profit on Thursday, aided by strong loan demand.
The state-run lender's net profit rose to 206.98 billion rupees ($2.48 billion) in the quarter ended March 31, from 166.95 billion rupees a year ago.
Indian banks have consistently reported strong loan growth over the past few quarters boosted by consumer spending amid firm economic growth.
SBI's interest earned grew nearly 20% to 1.11 trillion rupees in the reported quarter.
Shares of the bank rose as much as 2.8% after the results and were last up around 1%.
