Economics
State Bank of India Rises to Record on Profit Growth
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State Bank of India, the nation’s largest, jumped to a record after it posted the highest profit increase in four quarters as accelerating economic growth boosted loan demand and earnings from retail banking.
Net income climbed 25 percent to 29.1 billion rupees ($622 million) for the three months ended June 30, from 23.3 billion rupees a year earlier, it said in a filing to the Bombay Stock Exchange today. That beat the 24.4 billion rupee average of 25 estimates compiled by Bloomberg News. The stock was the best-performer on the MSCI AC Asia Pacific Financials Index today.