State Bank of India profits up 19,200%
(23 May 2012 – India) India’s largest bank has posted a massive jump in profits after generous government support.
Net income for the State Bank of India Ltd., skyrocketed 19,200 percent for the three months ending March 31 compared to a year earlier, the bank said in a statement. The profit increase was due to a US$1.4 billion (A$1.43 billion) capital infusion by the government.
The government is further easing a credit squeeze by cutting the reserve requirements of Indian banks.
The government is further easing a credit squeeze by cutting the reserve requirements of Indian banks.
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