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State Bank of India (SBI) reported a 74 per cent surge in quarterly net profit on Saturday, driven by higher loan growth and improving asset quality.
Net profit rose to a record ₹13,264 crore in the June-September period, beating analysts' forecasts ₹10,530 crore, according to Refinitiv IBES data.
Net interest income rose 13 per cent to ₹35,182 crore.
Advances grew 18.15 per cent, while deposits rose 9.99 per cent.
Indian banks saw a 17.95 on-year jump in credit growth for the fortnight through October 7, central bank data showed, and market participants expect growth to accelerate in coming months. Deposit growth lagged at 9.63 per cent during this period.
SBI's core net interest margin, a key indicator of profitability, improved to 3.55 per cent from 3.50 per cent a year earlier.
The lender's asset quality also improved, with gross non-performing assets (NPA) falling to 3.52 per cent from 3.91 per cent in the previous three months. Net NPA also improved, falling 20 basis points.
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