SBM H1 profit up 13%

Its operating profit at Rs 552.90 crore, is higher by 45.54 over operating profit for corresponding period of previous year. However, SBM’s net profit for September quarter at Rs 93.36 crore is lower than the same in quarter last year.

The bank’s interest income, at Rs 1,961 crore for six months ended in September registered an increase of 12.72 per cent over the interest income of corresponding period of last year. The growth in operating profit has been largely contributed by growth net interest income, which witnessed a growth of over 52 per cent. 

The growth in net interest income has accrued mainly owing to bank’s ability to contain its interest cost, which declined by over 3 per cent year-on-year, the bank said.

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