State Bank of India’s quarterly net profit rose on higher interest income and lower provisions.
Net profit of India’s largest lender rose 81% year-on-year to Rs 6,451 crore for the three months ended March, according to an exchange filing. That compares with the Rs 6,166-crore consensus estimate of analysts tracked by Bloomberg.
Its net interest income, or core income, increased 19% over the year earlier to Rs 27,067 crore, against a forecast of Rs 28,853 crore. The bank’s other income, too, rose 21.6% to Rs 16,225 crore.
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