State Bank of India Beats Profit Estimate on Robust Loan Growth

State Bank of India beat quarterly profit estimates on robust lending growth, driven by rising demand for credit in the world’s fastest growing major economy.

Net income grew 5.6% to 196.8 billion rupees ($2.1 billion) in the three months ended March from a year earlier, the Mumbai-based bank, which controls about one quarter of India’s loan market, said in a statement Friday. That was above the 188.98 billion rupees average estimate of analysts surveyed by Bloomberg.