SBI net profit up 14 per cent

Jan 22, 2011 |

IANS

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Mumbai: State Bank of India (SBI), the country largest lender, said on Saturday its net profit rose 14.07 per cent to Rs.2,828.06 crore ($628.45 million) in the third quarter of the current fiscal, on the back of increased credit demand.

The bank's total income rose to Rs.24,726.73 crore for the quarter ended December 31, 2010, up 16.93 per cent from Rs.21,145.40 crore during the corresponding quarter last year, SBI said in a regulatory filing with the Bombay Stock Exchange.

SBI, which controls nearly a quarter of India's bank deposits and loans along with its associates, has posted Rs.8,243.64 crore net profit during the first nine months of fiscal 2010-11 against a net profit of Rs.7,299.45 crore during the corresponding period a year ago, registering a growth of 12.93 per cent.

The bank's gross advances jumped 22 per cent during the period under review.

SBI's non-performing assets (NPAs) rose marginally to 3.17 per cent at the end of third quarter of fiscal 2010-11 from 3.11 per cent a year ago.

Share price of State Bank of India advanced 2.94 per cent to Rs.2,597.95 at the Bombay Stock Exchange (BSE) on Friday.

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