Thursday, July 28, 2005

SBI reports 15.54% rise in profits in Q1

State Bank of India has reported a 15.54 per cent increase in net profit in the first quarter of 2005-06, despite a substantial increase in provisions against bad loans and losses in securities trading. The reported rise in net profit is a result of higher interest income and lower operating. State Bank of India has earned a net profit of Rs 1,222.83 crore for the quarter ended June 30, 2005 against Rs 1,058.40 crore in the year-ago period. Total income increased to 10,742.85 crore (Rs 9,205.29 crore). Net interest income rose by 19.88 per cent to Rs 3,541.34 crore (Rs 2,954.07 crore). Net interest margin (NIM) improved to 3.14 per cent from 2.99 per cent. Gross advances increased to Rs 2,20,523 crore (Rs 1,66,387 crore). Deposits have registered a 13.76 per cent growth at Rs 376,141 crore (Rs 330,648 crore). In Q1 2005-06 , retail advances had grown by Rs 2,771 crore against Rs 1,382 crore in the year-ago period. Housing loans increased by Rs 1,861 crore to Rs 26,849 crore. Home loans constitute 54.55 per cent of SBI's retail advances.