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Old 10-31-2009, 06:18 PM
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Thumbs up State Bank of India Q2 net up 10.2 pct; meets forecast

Mumbai: The State Bank of India, the country's largest lender, reported a 10.2 per cent rise in quarterly profit on trading gains and rising loan demand.

The bank, which along with its associates controls almost a quarter of Indian bank loans and deposits, said on Saturday its July-September net profit rose to Rs 24.9 billion ($530.2 million) from Rs 22.6 billion a year earlier.

That met a Reuters poll of brokers who forecast a profit of Rs 24.6 billion for the period.

Closest rival ICICI Bank said on Friday its quarterly net profit rose 2.6 per cent, beating forecasts.

Shares in State Bank, valued at $31.5 billion, rose 26 per cent in July-September, beating a 20 per cent rise in the sector index and an 18 per cent gain on the benchmark index.
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