State Bank of India (SBI) has released its first quarter results for the period Apr-Jun 2014, showing healthy retail growth.

Operating profit increased by 16.37%, year-on-year, to INR 87.7bn ($1.4bn) while net profit increased by 3.3% to INR 33.4bn.

Other highlights included SBI’s domestic net interest margin (NIM), increasing by 10 basis points (bps) year-on-year to 3.54%.

Retail advances increased by 11.96% year-on-year to INR 2,420bn (39.6$bn); SBI ended the first quarter with a retail mortgages market share of 25.64%.

Arundhati Bhattacharya, chairwoman of SBI, said: "We are bullish and feel secure to grow the retail book. Retail will be our focus area. Due to a scanty project pipeline, the loan processing charges are INR 3.6bn, down 13% from a year earlier."

In the past year, SBI has increased its branch network by 1,044 outlets.

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