SBI to pitch to Moody's for upgrade

State Bank of India, the country's biggest lender, plans to pitch to Moody's Investors Services for a ratings upgrade, Chairman Pratip Chaudhuri said

The bank was downgraded by ratings agency Moody's in October because of its thin capital base and worsening asset quality.

The bank posted better-than-expected net profit for the quarter ended March 31, helped by a drop in provisions for bad loans, earlier on Friday.

State Bank of India, the country's top lender, expects a growth of 16% to 18% in credit demand in the fiscal year that started on April 1, its chairman said on Friday.

The state-run bank does not see a sharp deterioration in its asset quality, Pratip Chaudhuri told reporters, after it posted better-than-expected net profit for the quarter ended March 31, helped by a drop in provisions for bad loans.