MUMBAI (TIP): State Bank of India, the nation’s top lender by assets, reported a 30 percent increase in quarterly profit, lagging estimates, although bad loans rose less than feared, sending its shares 6 percent higher.

State Bank, which accounts for about a quarter of loans and deposits in the country, said net profit rose to 29.10 billion Indian rupees ($468.4 million) from 22.34 billion rupees a year earlier.

Analysts on average had expected a net profit of 32.74 billion rupees,

Gross bad loans ratio was 4.9 percent in the December quarter, compared with 4.89 percent in the September quarter.