SBI net profits of 945 crores

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Mumbai: The country’s largest lender, State Bank of India (SBI) has a net profit of Rs 945 crore during the second quarter (July-September) of the current financial year.

During the second quarter, the growth of the bank’s borrowings has been 11.11 percent on an annual basis, while the slipage is declining 159 bps. Operating profit, however, declined by 30.47 percent to Rs 13,905 crore from Rs 19,999 crore. Net interest income has increased by 12.48 per cent to Rs 20,906 crore.

Bank chairman Rajneesh Kumar said on the occasion of the result that interest income on the bank’s borrowings has increased by 7.05 percent and it has reached Rs 38,326 crore. Interest expenditure on deposits has increased by 2.81 per cent and it has reached Rs 34,934 crore. Talking of the half year, the bank has a net loss of Rs 3,931 crore during this period. This loss was originally due to low business income and mark to market loss.

During this period, the total deposits of the bank have gone up by 7.02 per cent and it has increased to Rs 28,07,420 crore. The amount of domestic savings account has increased by 8.55 percent and it has gone up to Rs 10,52,728 crore. The current account deposits have been rising by 6.05 per cent and it has reached Rs 1,74,076 crore. The credit deposit amount is 8.19% and the ratio is 45.27%.

The total lending of the bank has increased by 11.11% to Rs 17,78,321 crore, in which the share of retail has increased by 8.91% to Rs 10,33,022 crore. SMEs accounted for 5.24% in borrowings and 14.23% in retail personal loans and 14.30% in corporate borrowing yearly. Meanwhile, the gross NPA of the bank declined by Rs 2,12,840 crore to Rs 2,05,864 crore, which is 9.95 per cent. Net NPA has decreased by 45 bps to 4.84 percent.

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