State Bank of India's First-Quarter Profit Rose on Credit Growth
By Amanda Lee
State Bank of India's first-quarter profit rose as credit growth offset a rise in provisions for nonperforming assets.
Profit in the quarter ended June rose 4.25% from a year earlier to 193.25 billion Indian rupees ($2.31 billion), the bank said Saturday.
Total income rose 15% to INR1.521 trillion, offsetting a 7.85% rise in operating expenses. Interest earned rose 16.5% to INR1.182 trillion, while noninterest income grew rose 9.7%.
The Indian bank said it posted credit growth of 15%, helped by higher retail personal advances and corporate loans in India.
Consolidated provisions for nonperforming assets rose 70% to INR54.90 billion. The gross nonperforming asset ratio improved to 2.20% from 2.74% a year ago.
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
August 05, 2024 00:14 ET (04:14 GMT)
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