SBI Q2 net profit up 30%

The State Bank of India (SBI) on Friday reported 30 per cent jump in its net profit at Rs 3,658.14 crore for the quarter ended September 30, 2012, owing to lower provisions for bad assets, compared to Rs 2,810.43 crore in the same quarter last year.

In a regulatory filing with the BSE, SBI said its core net interest income rose 4.69 per cent to Rs 10,974 crore during the reporting quarter, while the total income rose to Rs 32,953.47 crore from Rs 29,394,32 crore a year earlier.

Net interest income (NII) grew 5.3 per cent to Rs 10,974 crore, up from Rs 10,482 crore in the same period last year.

However, SBI showed showed signs of stress on asset quality as its gross non-performing assets (NPA) ratio jumped to 5.15 per cent during the quarter under review from 4.19 per cent in the year-ago period.  In absolute terms the gross-NPA stood at Rs 49,202.46 crore. The bank restructured loans worth Rs 4,694 crore during the quarter as against Rs 564 crore in the previous quarter.

However, its net interest margin during the quarter stood almost flat at 3.77 per cent, while capital adequacy ratio stood at 12.63 per cent.

Deposits grew from Rs 9,73,171 crore as on September 30, 2011, to Rs 11,33,644 crore as on September 30, 2012, a growth of 16.49 per cent. 

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