Friday, November 9, 2012

SBI net profit jumps 30% to Rs 3,658 cr


State Bank of India reported a 30 per cent increase in net profit at Rs 3,658 crore in the July-September quarter as against Rs 2,810 crore in the year-ago period.

Though the bank reported healthy profitability, its stock was down 3.59 per cent or Rs 80.55 at Rs 2,163 at about 1.30 pm on the BSE. The stock dragged the BSE Sensex down nearly 125 points in afternoon trade today.

Bad loans continued to be a concern with gross NPAs at Rs 49,202 crore (as at September-end 2012) against Rs 33,946 crore as at September-end 2011.

The SBI stock came under pressure after its Q2 numbers showed that its operating profit was marginally down in the second quarter of this year compared to the corresponding quarter last year though the income earned registered significant growth.

Both its gross and net NPAs in the second quarter of this fiscal were higher than in the same quarter last year.

According to SBI’s unaudited results for the second quarter this year, it had earned a total income of Rs 32,953.47 crore compared to Rs 29,394.32 crore in the same quarter last year. The total expenditure was Rs 25,599.82 crore (Rs 21,920.01 crore) in the second quarter of last year. Its operating profit before provisions and contingencies was Rs 7,353.65 crore compared with Rs 7,474.31 crore in Q 2 last fiscal.

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