UPDATE 1-State Bank of India Q4 net jumps 46 pct, beats f'cast
* Q4 net up 45.6 pct, beats f'cast
* Treasury income boosts profits
* Sees loans, deposits growth at 25 pct in 2009/10
(Adds details, quotes)
By Sujoy Dhar
KOLKATA, May 9 (Reuters) - State Bank of India (SBI.BO: Quote, Profile, Research), India's largest lender, reported a forecast-beating 45.6 percent rise in quarterly profit after gains from trading trebled and loan demand soared as borrowers scurried for funds in a slowing economy.
Pretax earnings from the bank's treasury operations, mainly from trading in bonds and other securities, jumped to 37.45 billion rupees ($760 million) from 12.31 billion rupees in the year to March 2008, it said in a statement.
The bank, which along with its associates controls a quarter of Indian banks' loans and deposits, did not provide quarterly figures for its treasury operations.
"Our treasury did well. Our treasury, which was a residual one, has come into its own," chairman O.P Bhatt told a news conference. Continued...
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage
GLOBAL RECOVERY
Global economy in holding pattern - IMF
The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months. Full Article
India
US
UK
