SBI Q3 net profit up 13.4 per cent to Rs 3,806 cr

Mumbai: State Bank of India (SBI) on Saturday reported a 13.45 per cent rise in consolidated net profit to Rs 3,806.49 crore for the quarter ended December, 2010, helped by an impressive jump in net interest income.

The bank had posted a consolidated net profit of Rs 3,354.94 crore for the year-ago period, SBI said in a filing to the Bombay Stock Exchange.

The net interest income of the company on a consolidated basis increased by 40 per cent to Rs 12,306 crore during the quarter under review, as against Rs 8,782 crore in the same quarter a year ago.

SBI`s total income increased by 14.7 per cent to Rs 36,966.87 crore in the October-December quarter of 2010 from Rs 32,231.45 crore in the same quarter last fiscal.

On a standalone basis, SBI`s net profit grew 14 per cent to Rs 2,828.06 crore in the third quarter from Rs 2,479.05 crore in the year-ago period.

At the same time, SBI`s total income on a standalone basis improved to Rs 24,726.73 crore from Rs 21,145.4 crore in the same quarter of the previous year, translating into an increase of 17 per cent.

However, the Gross Non-Performing Assets (NPAs) of the bank rose to 3.17 per cent at the end of December, 2010, from 3.11 per cent at the end of December, 2009.

As a result, provisioning against bad loans jumped nearly three-fold to Rs 1,632 crore in the third quarter of the ongoing fiscal from Rs 514 crore in the same period a year ago.

For the nine months ended December, 2010, SBI`s net profit on a consolidated basis rose by 4 per cent to Rs 9,710.7 crore from Rs 9,340.5 crore in the same period a year ago.

The bank reported a total income of Rs 1,07,700.37 crore in the first nine months, compared to Rs 98,465.8 crore in the corresponding period of the previous financial year.

On a standalone basis, SBI clocked a 13 per cent rise in net profit to Rs 8,244.64 crore in April-December, 2010, as against Rs 7,299.45 crore in the same period a year ago.

The bank`s total standalone income improved by 11.3 per cent to Rs 70,682.12 crore from Rs 63,487.95 crore in the year-ago period.

During the nine-month period, Rs 986.66 crore provisioned in lieu of employee wages in the previous quarters was restored to the company`s balance sheet, as the actual outgo was lower than anticipated.

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