State Bank net profit up 42 percent

Thursday, 30 July 2009, 10:27 Hrs
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Mumbai: India's largest lender State Bank of India (SBI) Thursday reported a 42 percent rise in net profit to 2,330.37 crore ($481 million) in the first quarter of this fiscal compared to 1,640.79 crore in the like period last year.

SBI, which has around 12,000 branches, controls about a quarter of the total loans and deposits in the country.

The bank has lowered its benchmark prime lending rate from 12.25 percent to 11.75 percent effective June 29.
Source: IANS
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