2024-05-09 02:13:26 pm | Source: Reuters
India`s SBI Q4 profit jumps 24% on strong loan demand
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%.
Disclaimer:
The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references.
To Read Complete Disclaimer Click Here
Latest News
Company Update : Rural Electrification Corporation L...
Centre disbursed Rs 964 crore to electronics sector ...
Krystal Integrated Services delivers strong financia...
Zupee Brings Salman Khan`s Signature Quirk to Its Ne...
Company Update : Bajaj Finance By Motilal Oswal Fina...
Centre notifies new Income-Tax Rules for non-residen...
Gold Advances to $2,750 Amid Trade Uncertainty and R...
Temperature Rise in North Won't Affect Rabi Crops by...
Company Update : HDFC Bank By Motilal Oswal Financia...
Pre budget Quote on IT Industry by Pradyumn Sharma, ...
