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Friday, February 15, 2013

SBI net profit up 4% at Rs 3,396 cr in Q3

The country’s largest lender State Bank of India has reported a 4 per cent rise in net profit at Rs 3,396 crore for the October-December quarter this fiscal, according to a release filed with the Bombay Stock Exchange.

The profit was muted on the back of higher provisions and bad loans.

The public sector bank had posted a net profit of Rs 3,263 crore in the year-ago period.

Net interest income (difference between interest earned and interest expended) grew 6 per cent to Rs 1,215 crore from Rs 1,152 crore in Q3FY12.

During the quarter, provisions increased 11 per cent to Rs 2,668 crore from Rs 2,407 crore in the year-ago quarter. Sequentially, it jumped 64 per cent.

Percentage of gross non-performing assets (NPAs) jumped to 5.3 per cent from 4.61 per cent, while percentage of net NPAs increased to 2.59 per cent from 2.22 per cent.

Capital adequacy ratio stood at 12.21 per cent from 11.60 per cent.

Source: thehindubusinessline


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