State Bank of Bikaner and Jaipur (SBBJ), the associate bank of State bank of India, reported a 31 per cent growth in net profit to Rs 168 crore in April-June period for FY2012-13 due to higher interest income and from other income. Net profit in the year-ago period was at Rs 128 crore.
Net Interest Income (difference between interest earned and interest expended) rose by 33 per cent to Rs 656 crore from Rs 493 crore in Q1FY’12.
Other income during the quarter increased by 63 per cent to Rs 154 crore (Rs 94 crore in Q1FY12) due to higher government commission. Operating profit jumped by 61 per cent to Rs 469 crore (Rs 291 crore).
Net Interest Margins increased by 48 basis points to 3.90 per cent from 3.42 per cent in Q1FY’12.
SBBJ’s advances and deposits during the quarter grew by 21 per cent and 20 per cent respectively.
Net non performing assets (NPAs) increased by 2.31 per cent from 1.21 per cent in the same quarter last year.