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SBI profit inches up to Rs 1,115 crore

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Our Banking Bureau Mumbai
Last Updated : Feb 06 2013 | 6:11 AM IST
State Bank of India's (SBI) net profit in the third quarter ended December 2005 increased marginally by 1.44 per cent to Rs 1,115.19 crore over Rs 1,099.35 crore recorded in the corresponding quarter a year earlier, despite Rs 531.54 crore exchange rate gain on redemption of the India Millennium Deposits (IMDs) in December.
 
The country's largest bank said its total income during the quarter rose to Rs 11,398.62 crore from Rs 10,267.07 crore in the year-ago period. Total interest income for the quarter was up by 19.04 per cent to Rs 9,558.15 crore from Rs 8,029.07 crore.
 
The revenues from interest on advances rose by a hefty 35.60 per cent to Rs 4,667.94 crore as against Rs 3,442.42 crore.
 
SBI's staff cost grew by 49.35 per cent in the quarter at Rs 2,524.12 crore (Rs 1,690.47 crore last year). The staff costs for the nine-month period ended December 2005 registered a growth of 22.56 per cent to Rs 6,198.87 crore mainly due to wage revision and higher contribution to pension fund, SBI said in a statement on Saturday.
 
The net profit for April-December 2005 increased by 9.68 per cent to Rs 3,553.38 crore from Rs 3,239.64 crore in the last corresponding period.
 
The net interest margin at the end of December 2005 improved to 3.50 per cent from 3.28 per cent a year ago.
 
The bank's advances grew by 27.01 per cent to Rs 2,48,598 crore at the end of December 2005 (Rs 1,95,731 crore a year ago). The average yield on advances improved to 7.87 per cent (7.75 per cent).
 
Retail advances in the personal segment grew by Rs 9,842 crore. Housing finance portfolio grew by Rs 5,370 crore in the nine-month period and the total outstanding stood at Rs 30,350 crore.
 
The retail advances constituted 25.78 per cent of domestic gross advances as on 2005-end (25.17 per cent).
 
The total deposit base grew 3.74 per cent to Rs 3,63,731 crore (Rs 3,50,630 crore). The lower growth in deposits was due to payment of IMDs amounting to Rs 25,641 crore. The cost of deposits declined to 4.52 per cent (4.74 per cent).
 
The capital adequacy ratio was down to 12.49 per cent(12.66 per cent). The net non-performing assets declined to 1.67 per cent (2.67 per cent). The earning per share improved to Rs 90.02 at the end of 2005 (Rs 82.07).

 
 

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First Published: Jan 30 2006 | 12:00 AM IST

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