State Bank of India, ICICI Profits Advance on Bond Investments

State Bank of India and ICICI Bank Ltd., the nation’s two largest lenders, said third-quarter profit increased after government bonds posted their biggest quarterly gains in at least a decade, boosting investment returns.

State Bank, which accounts for almost a fifth of the nation’s loans, yesterday posted a 37 percent advance in net income to 24.8 billion rupees ($503 million), matching analyst forecasts. At Mumbai-based ICICI, profit rose 3.3 percent to 12.7 billion rupees, more than analysts had expected. MORE...