Mumbai: The State Bank of India (SBI), the country's largest lender, has reported an over 40 per cent jump in its net profit for the July-September quarter, at Rs2,259.72 crore, even as the global banking industry is caught in a financial market whirlpool.

SBI's net profit rose 40.23 per cent to Rs2,259.72 crore in the quarter ended September 2008 as against Rs1,611.42 crore during the previous quarter ended September 2007.

Total operating income rose 34.01 per cent to Rs1,5566.50 crore in the quarter ended September 2008 as against Rs11,616.28 crore during the previous quarter ended September 2007. 

''Driven by high growth in interest income coupled with other income, the bank has registered over 40 per cent growth in its profit during the quarter," SBI said in a statement.

SBI reported a doubling of its income at Rs108,881 crore in the September quarter.

Total income rose to Rs17,909.64 crore in the second quarter, from Rs13,658.22 crore a year ago.

The consolidated net profit grew 11.50 per cent at Rs2,458.04 crore for the second quarter as against Rs2,204.56 crore last year, while the total income rose 26.41 per cent to Rs27,083.47 crore.

For the six months ended September 30, SBI reported a consolidated net profit of Rs 4,138.06 crore, against Rs 4,128 crore in the year-ago period.

Deposits rose 67.93 per cent to Rs57,861 crore while advances grew 162.35 per cent to Rs51,020 crore.  Its current and savings account (CASA) ratio is up 26 basis points at 39.71 per cent.

SBI's home loan portfolio grew 23.47 per cent while auto loans rose 30.48 per cent and education loans jumped 43.81 per cent. The SBI card, however, suffered a loss of Rs27.90 crore, the bank said.

SBI's capital adequacy ratio was 12.14 per cent as per BASIL I norms and and at 11.51 per cent as per BASIL II norms, the bank said.