SBI Q2 profit grows by 40 per cent
Posted by ayadav242 on October 31, 2008
Beating projections, India’s leading financial conglomerate State Bank of India has posted 40 per cent growth in net profit for the second quarter of this fiscal on high interest income.
Crediting the good numbers to income from high interest rates and fee-based income, SBI Chairman O P Bhatt said bank has been giving good returns consistently in the last 5-6 quarters and growth has beaten projections by analysts.
SBI has posted a net profit of Rs 2,259.72 crore for the quarter, a growth of 40 per cent against 36 per cent in the same quarter a year ago. The bank’s profit in the September quarter last year stood at Rs 1,611.42 crore.
The total income rose to Rs 17,909.64 crore in the second quarter from Rs 13,658.22 crore a year ago, an increase of 31 per cent.
The bank registered a deposit growth of 67.93 per cent at Rs 57,861 crore. Its current and savings account (CASA) ratio was up by 26 basis points to 39.71 per cent. Advances of the bank grew by 162.35 per cent to Rs 51,020 crore.
Return on assets was flat at 0.99 per cent, while return on equity was at 14.64 per cent at the end of September 2008.
Besides, home loans grew by 23.47 per cent, auto loans by 30.48 per cent and education loan by 43.81 per cent.
