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Sunday, October 28, 2007

SBI bottomline soars 36%

Backed by robust growth in sale of investments and commissions, State Bank of India has posted a 36 per cent growth in its net profit in the second quarter of the financial year. Profit rose to Rs 1,611.42 crore compared with Rs 1,184.49 crore in the same quarter last year.

Total income rose to Rs 13,658.22 crore from Rs 10,237 crore and interest income to Rs 11,616.28 crore as against Rs 8,799.62 crore. Interest expenses in the quarter increased sharply by 49 per cent to Rs 7,853.36 crore.

As a consequence, the net interest income grew by just 6.28 per cent to Rs 3,762.64 crore against Rs 3,540.30 crore a year ago. The other income comprising items like sale of investments/commissions rose 42 per cent to Rs 2,041.94 crore from Rs 1,437.69 crore.

The bank’s deposits grew 23.31 per cent to Rs 4,84,114 crore from Rs 3,92,615 crore. However, the share of low cost deposits (savings and current accounts) ratio declined 39.45 per cent due to higher mobilisation of term deposits. The cost of funds moved up to 5.48 per cent from 4.51 per cent due to higher term deposit mobilisation and higher interest rates.

Gross advances grew 26.21 per cent to Rs 3,63,591 crore from Rs 2,88,078 crore. Housing advances rose by 18.04 per cent to Rs 40,807 crore. It added loans of Rs 2,825 crore in April-September 2007.

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