State Bank Of India Sees Loan Growth Staying Robust After Record Profit
NDTV
State Bank of India (SBI) reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality.
State Bank of India (SBI), the country's largest lender, expects credit growth to remain in double-digits while it steps up efforts to attract more deposits, where it sees growth in line with the sector.
The bank reported a 74% surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality. Net profit rose to a record 132.64 billion Indian rupees($1.62 billion) in June-September, beating analysts' forecast of 105.30 billion rupees, according to Refinitiv IBES data. Net interest income, the difference between interest earnedand paid out, rose 13% to 351.82 billion rupees.
Advances grew 18.15%, while deposits rose 9.99%. "We should have credit growth of 14-16% in the current financial year," Chairman Dinesh Kumar Khara said in a press briefing.
"Now, we have also got treasury investment, which we expect to unwind. That is why we are confident of supporting the credit growth," he said, adding there was an improvement in capacity utilisation and business had returned to pre-pandemic levels.
