State Bank of India reported net income of 230.4 billion rupees ($2.4 billion) for the three months ended Sept. 30, up 14% from a year earlier. The result beat market estimates of 226.19 billion rupees, according to an exchange filing on Tuesday.
The Mumbai-based lender’s performance was supported by strong credit growth and a one-time gain from an earlier sale of shares in its funds management unit. SBI is the country’s largest lender by assets.
Sources: Bloomberg Markets.