SBI Q2 net jumps 30 per cent to Rs3,658 crore, but NPAs hurt
09 Nov 2012
State Bank of India (SBI), the country's largest lender, has reported a 30-per cent increase in its fiscal second quarter (July-September 2012-13) net profit at Rs3,658 crore against Rs2,810 crore in the year-ago period.
SBI had earned a total income of Rs32,953.47 crore in July-September 2012-13 compared to Rs29,394.32 crore in the same quarter of the previous year, unaudited results for the fiscal second quarter showed.
SBI said its operating profit was marginally down in the second quarter of the current fiscal compared to the corresponding quarter last year despite a significant increase in income.
SBI's operating profit before provisions and contingencies stood at Rs7,353.65 crore compared with Rs7,474.31 crore in Q2 last fiscal.
Both its gross and net NPAs in the second quarter of this fiscal were higher than in the same quarter last year.
The higher net profit in Q2 was aided by lower provisions. The provisions (other than tax) and contingencies (net of write back) were far lower at Rs1,825.60 crore in Q2 of the current fiscal against Rs3,385.50 crore in the similar quarter of the previous fiscal.