India’s largest banking institution State Bank of India (SBI) registered a steady growth in its standalone net profit for the three month period ended June 30, 2008.

The performance of the bank got a fillip on write-back of bad loans and from strong interest income.
 
During the quarter, the bank has posted an increase of 15.08% in its profit, which stood at Rs 16,407.90 million, as against Rs 14,258.10 million during the corresponding period quarter of the previous year.

A poll of analysts had estimated earnings of Rs 15,961.50 million in June 2008 quarter.

State Bank, which has over 10,000 branches all over India and abroad, posted earnings of Rs 25.92 per share during the quarter, registering 4.32% decline over previous year period.

Interest earned during the quarter zoomed 21.19% to Rs 137,992.00 million, while total income for the same period surged 32.50% to Rs 162,030.70 million, when compared with the prior year period.

Shares of the bank on Friday (July 25) closed at Rs 1,448.75 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 717,340.