MUMBAI: India’s largest bank, the State Bank of India, said o Saturday its net profit climbed 78.5 per cent in the first quarter thanks to strong loan growth.

The bank reported net profit for the three months to June of Rs14.25 billion ($353m), on total income of Rs122.29 million, up 27 per cent on the same period last year.

Operating profit for the quarter rose 31 per cent to Rs23.61 million.—AFP

MUMBAI: India’s largest private-sector firm Reliance Industries reported on Saturday that first-quarter net profit jumped by a better-than-expected 28.1 per cent thanks to better margins and higher exports.

The oil and petrochemical giant said net profit totalled Rs32.64 billion ($809m) in the three months to June on sales which rose 14.6 per cent to Rs281.61 billion.

Analysts had forecast that the company would report a first-quarter profit of around Rs30 billion.

“Our manufacturing facilities have demonstrated a high operating leverage by delivering superior margins and record profits,” chairman Mukesh Ambani said in a statement.—AFP