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Friday, November 6, 2015

SBI reports 25% jump in Q2 net profit to Rs. 3,879 cr

State Bank of India (SBI), the country’s largest bank, reported a 25% jump in net profit for the July to September quarter to Rs. 3,879 crore. The profit was driven by a jump in other income due to strong performance of treasury operations and lower provisions for bad loans.

Net profit for the second quarter of the last fiscal year was at Rs. 3,100 crore.

Net interest income, difference between interest earned and expended, was at Rs. 14,253 crore , up 7 per cent from Rs. 13,275 crore in the comparable quarter last year. Other income rose 36% to Rs. 6,197 crore compared to Rs. 4,750 crore in the second quarter last year.

Asset quality at the bank improved for the bank as against the trend of a number of public sector banks.

Bad loans

Gross non-performing assets (NPAs) were at 4.15 per cent at the end of the September quarter compared to 4.29 per cent at the end of the June quarter and 4.89 per cent in the same quarter last year.

During the July-September quarter, the bank set aside Rs. 3,842 crore as provisions for bad loans compared to Rs. 3,359 crore in the April-June quarter. Compared to the second quarter of last year, provisions were 7 per cent lower.

Post-provisioning, net NPAs were at 2.14 per cent of total loans compared to 2.24 per cent in the June quarter and 2.73 per cent in the September 2014 ended quarter.

At 1.15 pm, shares of SBI were trading 2.4 per cent higher at Rs. 239.85 per share on the BSE.

Source : Thehindubusinessline


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