State Bank of India profits up 42% to $481 million

It’s good news for now as India's largest bank adds branches in rural areas and gaining market share against rivals like ICICI.

With more than 11,800 branches to date, SBI is expanding its network to attract new customers by addressing rural demand for loans. The bank had also previously cut benchmark lending rates to 11.75 percent from 13.75 percent, coinciding with reduction in borrowing costs by the central bank.

Outdoing analysts’ forecasts, SBI’s net income as at end of June rose to $481 million following the boost in bond holdings values due to a drop in government debt yields. In a report by Bloomberg, Spark Capital Advisors head of securities V. Suresh Babu said, "Trading gains are benefiting every bank, and it’s no different for SBI."

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