Largest Indian Bank’s Profit Beats Estimates on Bad Loans
A State Bank of India branch in Bengaluru, India.
Photographer: Karen Dias/BloombergThis article is for subscribers only.
State Bank of India Ltd. posted a bigger-than-expected profit in the fiscal second quarter as asset quality improved. Shares jumped.
Net income more than tripled to 30.1 billion rupees ($424 million) for the three months ended Sept. 30 from 9.4 billion rupees a year earlier, India’s largest lender said Friday. Analysts had expected a profit of 22.9 billion rupees on average, according to estimates compiled by Bloomberg.