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State Bank of India (SBI) has reported an increase of 42% in net profit to Rs.2,330.37 crore for the 2009-10 Q1 when compared to Rs.1,640.79 crore in the like period last year.
SBI that has 12,000 branches all over the country, controls about 25% of the total loans and deposits in the country.
The bank has lowered its benchmark prime lending rate from 12.25% to 11.75% which has been effective since June 29.
