| For the nine months period ended December 31, 2004, the country's largest commercial bank registered a 15 per cent rise in net profit to Rs 3,239.64 crore (Rs 2,808.54 crore). |
| The numbers were welcomed on the street, with the bank's share rising 7.8 per cent on the Bombay Stock Exchange to end the day at Rs 626.90. SBI's operating profit in Q3 recorded an 88 per cent growth to Rs 3,390 crore. |
| For the nine months, operating profit vaulted by 12 per cent to Rs 8,066 crore. Total income for the third quarter increased by 20 per cent to Rs 10,257 crore (Rs 8,559 crore). |
| In contrast, total expenditure inched up by a mere 1.7 per cent to Rs 6,877 crore (Rs 6,759 crore). Net interest income increased 32 per cent to Rs 3,660 crore (Rs 2,773 crore). |
| Although the average yield on advances declined to 7.75 per cent from 8.32 per cent due to the declining interest rates, net interest margin improved by 40 basis points to 3.28 per cent (2.87 per cent). |
| Advances grew rapidly at 29 per cent on a year-on-year basis to Rs 1,95,565 crore. Retail advances grew by 31.46 per cent over March 2004. The retail outstanding book of Rs 43,581 crore constituted 25 per cent of SBI's gross domestic advances. |
| Other income shot up by 99 per cent to Rs 2,238 crore (Rs 1,121.91 crore) with Rs 145.40 crore coming from disinvestment of 37 per cent stake of the bank in SBI Funds Management Pvt Ltd in favour of Societe Generale Asset Management. The bank's profit from sale of investments during the quarter stood at Rs 947.64 crore. |
| Provisions and contingencies for the quarter was Rs 1,710.54 crore (Rs 708 crore). SBI made a Rs 300 crore provision towards the industry-wide wage revision in Q3. |
| A total of Rs 600 crore has been provided towards the same in the nine months period. The capital adequacy ratio of the bank stood at 12.66 per cent. Net non-performing assets as a percentage of advances declined to 2.56 per cent (2.88 per cent). |
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