Largest Indian lender jumps after profit tops estimates – The Peninsula Qatar

Largest Indian lender jumps after profit tops estimates – The Peninsula Qatar

Shares in State Bank of India reached a record after profit at the nation’s largest lender beat estimates, helped by write-backs and fewer provisions for bad loans.

Net income in the second quarter jumped 67% to 76.3 billion rupees ($1.02 billion) in the quarter ending September, according to a statement Wednesday. That exceeded the average estimate of 66.5 billion rupees from 16 analysts questioned in a Bloomberg survey.