SBI Q1 net rises over 25 per cent to Rs2,914 crore

State Bank of India, the country's top lender, has reported a 25.05 per cent year-on-year increase in its fiscal first quarter (April-June 2010-11) net profit to Rs2,914.20 crore from Rs2,330.37crore in the first quarter of the previous year.

Operating profit grew 66.97 per cent year-on-year during April-June 2010 on the back of a 20.74 per cent growth in advances, against a negative growth of 7.28 per cent during the April-June 2009-10 quarter.

The state-run lender has projected a record net profit of over Rs10,000 crore in the current financial year (April-March 2010-11).

Total business volume of SBI grew 12.62 per cent year-on-year and stood at Rs1,65,769 crore during April-June 2010 (including deposits of Rs51,734 crore and advances of Rs1,14,035 crore).

Deposits with the bank grew 6.78 per cent to Rs8,15,297crore in April-June 2010 from Rs7,63,563 crore in April-June 2009 (current and savings deposits grew 28.93 per cent and retail term deposits grew 10.16 per cent, despite shedding of high-cost bulk deposits by 51.43 per cent.

Gross advances were up at Rs1,14,035 crore in April-June 2010, a growth of 20.74 per cent from April-June 09.