State Bank of India net profit up 28% to Rs 787 crore in Q3

Mumbai: State Bank of India’s (SBI) net profit for the third quarter ended 31 December 2002 went up to Rs 787.05 crore from Rs 613.89 crore in the corresponding period last year, a jump of 28.20 per cent.

Says SBI chairman A K Purwar: “The retail business had definitely boosted the bottomline. SBI’s provisioning has gone up to around Rs 2,900 crore as on December 2002 as compared to Rs 2,400 crore in the corresponding period the previous year. We have increased the provisioning on bad debts by Rs 1,300 crore and standard assets by Rs 40 crore.”

The bank has registered a substantial growth in its other income for the quarter ended at Rs 1,361.44 crore (Rs 865.28 crore).

The interest earned rose to Rs 7,705.48 crore (Rs 7,501.18 crore). This is inclusive of the interest or discount on advances and bills at Rs 2,817.21 crore (Rs 2,815.53 crore), the income on investments at Rs 3,860 crore (Rs 3,632.37 crore), the interest in balances with the Reserve Bank of India and other inter-bank funds at Rs 811.52 crore (Rs 781.76 crore) and others at Rs 216.75 crore (Rs 271.52 crore).

The total income of the bank grew to Rs 9,066.92 crore (Rs 8,366.46 crore). Net non-performing assets of the bank came down to 4.69 per cent as on 31 December 2002 (5.68 per cent).