SBI Q2 net up 9% at Rs 1,081.89 cr

BS 200 SCORECARD

State Bank of India (SBI), the country's largest bank, has reported a 9.42 per cent rise in net profit in the second quarter of 2004-05 to Rs 1,081.89 crore against Rs 988.74 crore a year ago, as it provided Rs 339.04 crore for investment depreciation against Rs 35.24 crore in the second quarter of 2003-04.

Profit on sale of investments fell by a steep 69.07 per cent to Rs 467.93 crore in the second quarter from Rs 1,512.87 crore a year ago, though provision for NPAs was substantially lower at Rs 298.44 crore against Rs 1,410.32 crore in July-September 2003.

Its operating profit in July-September 2004 fell 8.94 per cent to Rs 2,604.91 from Rs 2,860.90 crore a year earlier. Net interest income was up 39.96 per cent to Rs 3,379.82 crore, which the bank attributed to the robust growth in its loan book.

Net NPAs as on September 30, 2004 were higher at 2.96 per cent from 2.56 per cent a year ago, while gross NPAs were down at 6.93 per cent from 8.89 per cent as on September 30, 2003.

Capital adequacy ratio (CAR) also fell to 13.07 per cent from 14.03 per cent, as its retail advances and housing loans portfolio rose robustly.