India's largest lender State Bank of India on Saturday reported a 75 percent rise in its quarterly income, beating expectations as strong loan demand and lower taxes boosted earnings.
The state-run bank said net profit for the January-March quarter was 14.93 billion rupees ($362 million), up from 8.53 billion rupees reported a year earlier. A Reuters poll of analysts had forecast a 22 percent rise in net profit to 10.44 billion rupees. Indian banks have been benefiting from strong loan demand as companies expand capacities and individuals borrow to buy homes and cars.
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