SBI reports modest increase in Q2 net profit at Rs2,501 crore

The State Bank of India (SBI), the country's largest lender, today reported a modest year-on-year increase in its net profit for fiscal second quarter (July-September 2010-11) at Rs2,501.37 crore against a net profit of Rs2,490.04 crore in the quarter ended 30 September 2009.

Total stand-alone income of the bank for the quarter stood at Rs23,813.30 crore against Rs21,301.04 crore in the previous-year quarter.

The SBI group, however, reported a decline in its consolidated net profit after minority interest of Rs2,363.95 crore for the quarter ended 30 September 2010 against Rs3,051 crore in the quarter ended 30 September 2009.

Total income of the group stood at Rs37,925.44 crore during the quarter ended 30 September 2010 against Rs33,101.65 crore in the quarter ended 30 September 2009.

The results for the quarter included the results of operations of the erstwhile State Bank of Indore for the period starting 26 August 2010 following SBI's acquisition of the subsidiary bank and the results are not comparable with the previous year quarter to that extent, SBI said in a release.  

The board of SBI, which met today, also announced the appointment of G D Nadaf, currently deputy manager at its local head office in Bangalore, as an officer employee director on the bank's central board of directors for a period of three years.