SBI sees 30-35 per cent rise in Q2 profit

State Bank of India (SBI), the country's largest lender expects a 30-35 per cent growth in earnings in fiscal second quarter (July-September 2009-10), its chairman OP Bhatt said.

"We expect a growth of 30-35 per cent year-on-year in our earnings in the second quarter," Bhatt said on the sidelines of a FICCI-IBA seminar in Mumbai today.

Bhatt said SBI has seen a healthy growth in its retail loans in the second quarter - almost twice as high compared to the year-ago period - and that the bank does not expect any mark-to-market losses in its treasury segment during the quarter.

SBI group had reported a 68.11 per cent jump in its fiscal first quarter (April-June 2009-10) net profit at Rs2, 759 crore from Rs1,641 crore in the same quarter of the previous year.

SBI stand-alone net profit rose 42.03 per cent to Rs2,330 crore, from Rs1,641 crore in the first quarter of the previous fiscal (April-June 2008-09).

Total business grew to over Rs3,03,000 crore during the quarter while deposits rose 30.90 per cent (or by Rs2,01,706 crore) to Rs7,63,563 crore in April-June 09-10 from Rs5,61,857 crore in the same quarter of the previous fiscal.