SBI’s third quarter net profit up 15.38 percent

Mumbai, Feb 13 (IANS) State Bank of India Monday reported a 15.38 percent rise in net profit for the third quarter of the current fiscal at Rs.3,263.04 crore from Rs.2,828.06 crore in the like period of 2010-11.

The state-owned lender in a regulatory filing to the Bombay Stock Exchange (BSE) said its total income in the quarter under review grew 20.48 percent at Rs.29,787.37 crore from Rs.24,726.73 crore for the quarter ended Dec 31, 2010.
The bank’s gross non-performing asset (NPA) ratio increased 4.61 percent in the quarter ended Dec 31 from 3.17 percent in the previous corresponding quarter. Net NPA ratio also grew to 2.22 percent from 1.61 percent in the third quarter of last fiscal.
“The bank has received the approval of the government dated January 30, 2012 of State Bank of India Act to increase the issued capital of the Bank by the way of preferential allotment of equity shares to the government of India to the extent of Rs.7,900 crore,” it said in a statement.
The state-owned lenders’ group net profit after minority interest increased by 16.37 percent at Rs.4318.08 crore for the quarter ended Dec 31, 2011 from Rs.3710.48 crore in the corresponding quarter of 2010-11.
The consolidated total income grew by 16.74 percent at Rs.43,155.95 crore in the quarter under review from Rs.36,966.87 crore in the quarter ended Dec 31, 2010.
The lender said that consequent to the government’s notification for the “acquisition of State Bank of India Commercial and International Bank (SBICI) order, 2011”, the undertaking of SBICI bank was transferred to SBI from July 29, 2011.
The bank said the quarterly and nine months results for the period ended Dec 31, 2011 includes those of operations of the erstwhile SBICI for the period from July 29, 2011.