SBI Q1 net profit up 42 per cent

Net profit grew to Rs 2,330 crore in Q1 FY'10, up 42.03 per cent from Rs 1,641 crore in the same quarter last year.

The lender, however, saw a rise in its bad loans during the quarter with the net non-performing assets (NPAs) jumping to Rs 8,402.48 crore in Q1 FY'10 compared to Rs 6,298.44 crore a year ago.

In percentage terms, net NPAs of the bank rose to 1.55 per cent in Q1 from 1.42 per cent in year-ago period while gross NPAs rose to 2.79 per cent from 2.42 per cent in the same period last year.

SBI made a total provisioning of Rs 1,234.24 crore to cover its non-performing assets in the first quarter.

Interest income grew 26.6 per cent to Rs 17,473 crore from Rs 13,799 crore in the same quarter previous fiscal.

SBI's income from treasury operations in the quarter grew to Rs 6,385.43 crore as compared to Rs 4,328.9 crore in same period last year.

Wholesale and retail banking divisions contributed Rs 6,278.99 crore (Rs 4,413.93 crore) and Rs 8,377.09 crore (Rs 7,460.24 crore) respectively, the bank said.

Gross advances of the bank at June end stood at Rs 5,49,793 crore, up 22.79 per cent compared to Rs 4,47,747 crore in the year-ago period, the bank said.

SBI, which has 16.49 per cent market share in advances as against a 15.71 per cent last year, saw its home and auto loan portfolios growing by 24.03 per cent and 29.05 per cent respectively on a year-on-year basis.

Similarly, SME, agriculture and large corporate advances grew by 23.96 per cent, 30 per cent and 37 per cent respectively, the bank said.

Total deposits of the bank, as on June end went up by 35.9 per cent from Rs 5,61,857 crore last year to Rs 7,63,563 crore.

Current account savings account (CASA) deposits of SBI, on a year-on-year basis, grew by 22.7 per cent and the proportion of CASA to total deposits at present stands at 38.45 per cent, the bank said.

SBI's total balance sheet, as on June end stood at Rs 9,76,989 crore, up 31 per cent from Rs 7,45,367 in the year ago period.

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