State Bank of India Q2 net up 10.2 pct; meets view

Published: 01 Nov 2009 17:13:20 PST

MUMBAI, Oct 31 - The State Bank of India, the country's largest lender, reported a 10.2 percent 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 24.9 billion rupees ($530.2 million) from 22.6 billion rupees a year earlier.

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

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

Shares in State Bank, valued at $31.5 billion, rose 26 percent in July-September, beating a 20 percent rise in the sector index and an 18 percent gain on the benchmark index. ($1=46.96 rupees)