State Bank of India has posted a standalone net orofit of Rs 2,478.42-crore for the quarter ended December 31, 2008 as compared to Rs 1,808.64-crore in the year-ago period.
Click here for the financial summary and information about joint ventures, farm loan waiver and other developments at SBI during the quarter.
Total income rose to Rs 21,255.90-crore during the quarter as compared to Rs 15,364-crore in the same period in last year, the bank informed the Bombay Stock Exchange in a filing.
On a Consolidated basis, the Group has posted a net profit after minority interest of Rs 3,607.61 crore for the quarter ended December 31, 2008 against Rs 2,383.67 crore in the corresponding period a year ago.
Total Income stood at Rs 30,318.14 crore for the quarter under review against Rs 24,380.99 crore a year ago.
The figures of the current period include the working results of the branches of erstwhile State Bank of Saurashtra (SBS) for the period from August 14, 2008 consequent to merger of e-SBS with the Bank.
Accordingly, the figures of the previous period are strictly not comparable, the filing stated.
In another development, SBI informed BSE that its Central Board and the Boards of SBI Factors & Commercial Services Pvt Ltd (SBI Factors) and Global Trade Finance Ltd (GTFL), both Subsidiaries of SBI have decided to amalgamate / merge SBI Factors with GTFL, subject to necessary regulatory approvals.
Both these companies are in the business of factoring of receivables. SBI had acquired a majority shareholding in GTFL in March 2008 and at present holds 92.60% shares in GTFL.
In SBI Factors, SBI and SBI group hold 64% & 70% shareholding respectively.
