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SBI net profit up by 37 %

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Robust growth in corporate, SME and retail advances

MUMBAI: State Bank of India has posted a net profit of Rs. 2,478.42 crore for the quarter ended December 31, 2008, on a standalone basis against Rs. 1,808.64 crore in the year-ago period, a growth of 37 per cent. The consolidated net profit has risen by 52 per cent to Rs. 3,713.66 crore from 2,442.32 crore. The operating profit on a standalone basis has risen to Rs. 4,482.63 crore from Rs. 3,659.99 crore.

Total income on a standalone basis rose to Rs. 21,255.90 crore from Rs. 15,364 crore in the same period last fiscal. Revenue from treasury operations was higher at Rs. 6,004.12 crore against Rs. 3,965.42 crore. Revenue through corporate and wholesale banking was Rs. 7,376.92 crore and retail banking Rs. 7,874.86 crore.

Net non-performing assets shrunk to 1.36 per cent during the quarter from 1.44 per cent a year ago. Gross NPAs also contracted to 2.61 per cent from 2.82 per cent a year ago, the release said.

During the quarter, SBI’s total advances grew by Rs. 1,14,265 crore, up 28.85 per cent from Rs. 3,96,014 crore in the same period last year, SBI said.

Its home loan portfolio swelled by 22 per cent while retail, agriculture and mid-corporate portfolios jumped by 27 per cent, 26 per cent and 23 per cent, respectively.

The bank also witnessed 32 per cent growth in its auto loans and an impressive 47 per cent jump in educational loans during the quarter. On a year-on-year basis, SBI’s international advances grew by 33 per cent during the period. — PTI

Source: hindu.com

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