Mumbai, July 30 - India's largest lender State Bank of India (SBI) Thursday reported a 42 percent rise in net profit to Rs.2,330.37 crore ($481 million) in the first quarter of this fiscal compared to Rs.1,640.79 crore in the like period last year.

SBI, which has around 12,000 branches, controls about a quarter of the total loans and deposits in the country.

The bank has lowered its benchmark prime lending rate from 12.25 percent to 11.75 percent effective June 29.