{"id":10102,"date":"2023-11-06T09:09:59","date_gmt":"2023-11-06T09:09:59","guid":{"rendered":"https:\/\/infundpros.com\/investment\/state-bank-of-india-profit-rose-on-higher-income-lower-provisions\/"},"modified":"2023-11-06T09:09:59","modified_gmt":"2023-11-06T09:09:59","slug":"state-bank-of-india-profit-rose-on-higher-income-lower-provisions","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10102","title":{"rendered":"State Bank of India Profit Rose on Higher Income, Lower Provisions"},"content":{"rendered":"
\n

By Ben Otto<\/p>\n

<\/pre>\n
State Bank of India’s quarterly profit rose 9.1% on year, helped by higher income and a fall in provisions.<\/p>\n
The Mumbai-based lender posted consolidated net profit of 161.00 billion rupees ($1.94 billion) in its fiscal second quarter, up from INR147.52 billion a year ago, it said Saturday.<\/p>\n
\n
Total income for the quarter ended Sept. 30 rose 26% on year to INR1.443 trillion, it said.<\/p>\n
On a standalone basis, net interest income rose 12% on year to INR395.00 billion, while noninterest income rose 22% to INR107.91 billion. Operating profit fell 8.1% on year on a jump in expenses.<\/p>\n
Total provisions fell 35% on year and 40% on quarter.<\/p>\n
It said macroeconomic indicators appear buoyant, pointing to strong bank credit growth and forecasts for fiscal-year gross domestic product to expand 6.5%. Going forward, it added that “higher-for-longer rates might impact capital flows to emerging markets, including India.”<\/p>\n
<\/pre>\n
Write to Ben Otto at ben.otto@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
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