SBI profit jumps to record high

SBI, India's largest lender, reported a 74 percent surge in quarterly net profit on Saturday (5), driven by higher loan growth and improving asset quality.

Net profit rose to a record $1.62bn in the June-September period, beating analysts' forecasts $1.28bn.

Net interest income, the difference between interest earned and paid out, rose 13 percent to $4.3bn.

Indian banks saw a 17.95 percent onyear jump in credit growth for the fortnight through Oct. 7, central bank data showed, and market participants expect growth to accelerate in coming months. Deposit growth lagged at 9.63 percent during this period.

SBI's core net interest margin, a key indicator of profitability, improved to 3.55 percent from 3.50 percent a year earlier.