Wednesday, November 9, 2011

SBI net up 12.4 % at Rs.2,810 cr

Mumbai, November 10, 2011(Tehelkanews)

State Bank of India announced a net profit of Rs.2,810 crore in the second quarter ended September 30, 2011, against Rs.2,501 crore in the year-ago period, up 12.36 per cent.



The operating profit recorded a growth of 17.58 per cent. The bank has registered an all time high net interest margin of 3.79 per cent during the quarter under review as compared to 3.43 per cent in the year-ago period.



Interest income was up by 31 per cent driven by growth in interest income on advances of 35.72 per cent as advances have grown by 16.93 per cent. Non-interest income has declined by 14.43 per cent due to drop in profit on sale of investments and dividend income, while forex income is up by Rs.172 crore, recording a growth of 55.71 per cent year-on-year.



Deposits are up by Rs.1,17,826 crore at Rs.9,73,171 crore in September 2011, a growth of 13.78 per cent year-on-year. CASA ratio remained stable at 48 per cent. Gross advances were up by Rs.1,17,388 crore at Rs.8,10,612 crore against Rs.6,93,224 crore.



As per Basel-II, CRAR of the bank is 11.40 per cent (Tier-I: 7.47 per cent) as at the end of September 2011, as compared to 12.48 per cent (Tier-I: 8.90 per cent) at the end of September 2010.



PTI reports:



On a consolidated basis, the bank reported a 48.60 per cent jump in net profit to Rs.3,470.43 crore for the July-September quarter.



The bank\'s gross non-performing assets (NPA) increased to 4.19 per cent of total assets as on September end, from 3.38 per cent a year ago. "We see pressure on asset quality and provided adequately for it. Looking at the stress, there is a possibility of the gross NPA to go up," SBI Chairman Pratip Chaudhuri told reporters here. SBI\'s provisioning of bad loans stood at Rs.4,664 crore at the end of September, an increase of 21 per cent over the corresponding period a year ago.



Total income of the bank rose by 23.43 per cent to Rs.29,394.32 crore on a standalone basis during the quarter under review. Total income of the group rose to Rs.41,249.08 crore from Rs.37,925.44 crore in the same period last fiscal. He said the government would infuse up to Rs.4,000 crore into the bank in the current fiscal and the balance of funding would be done by internal accruals.



Meanwhile, SBI Managing Director Krishna Kumar ruled out raising interest rates on savings bank account deposits from 4 per cent at present. "We have no plans to tinker with the savings rates as of now."


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