State Bank of India, the country's largest lender by assets, reported a 24 per cent rise in its fourth-quarter profit on Thursday, aided by strong loan demand.

The State-run lender's net profit rose to ₹20,698 crore in the quarter ended March 31, from ₹16,695 crore a year ago.

Indian banks have consistently reported strong loan growth over the past few quarters boosted by consumer spending amid firm economic growth.

SBI's interest earned grew nearly 20 per cent to ₹1.11-lakh crore in the reported quarter.

Shares of the bank rose as much as 2.8 per cent after the results and were last up around 1 per cent.

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