SBI standalone profits up 12% in Q2

Mumbai, Nov 9: State Bank of India has reported a 12 per cent increase in net profit at Rs 2,810 crore in the July-September 2011 quarter, against Rs 2,501 crore in the corresponding period last year.

Shares of SBI were trading lower at Rs 1,907 at 1300 hours on the BSE, against the previous close of Rs 1,997.55.

The financial performance of India’s largest bank has relatively improved in the second quarter. In the first quarter-ended June 2011, its net profit was down 46 per cent at Rs 1,584 crore, against Rs 2,914 crore recorded in the same period last year.

In the six months ended September 30, 2011, the bank’s net was down 19 per cent to Rs 4,394 crore, against Rs 5,416 crore in the same period last year.

Following the amalgamation of State Bank of India Commercial & International Bank Ltd (a wholly owned subsidiary of State Bank) with SBI, the undertaking of SBICI has been transferred to and vests in SBI with effect from July 29, 2011.

Hence, the results for the quarter and six months ended September 30, 2011 include the results of operations of the erstwhile SBICI for the period from July 29, 2011 to September 30, 2011 and the results of the bank are not comparable to that extent, the bank said in its statutory filing with the stock exchange.

PTI reports: SBI has reported a 48.60 per cent jump in consolidated net profit to Rs 3,470.43 crore for the July-September quarter of the 2011-12 financial year.

The bank’s consolidated net profit stood at Rs 2,363.95 crore in the second quarter last fiscal. Total income of the group increased to Rs 41,249.08 crore during the period under review from Rs 37,925.44 crore in the same period last fiscal.