SBI Q3 consolidated net rises over 16 per cent to Rs4,318 crore
13 Feb 2012
State Bank of India (SBI), the country's largest lender, has reported a consolidated net profit (after minority interest) of Rs4,318.1 crore for the quarter ended 31 December 2011, a 16.4-per cent increase from the Rs3,710.5 crore net profit for the similar quarter of the previous year.
SBI's total income for the quarter rose 16.7 per cent to Rs43,156 crore, from Rs36,966.9 crore for the quarter ended 31 December 2010.
SBI, which has exposure to some of the biggest troubled companies like Kingfisher Airlines, said the spurt in net income for the quarter was driven by high interest margins.
The results for the quarter and nine months ended 31 December 2011 also included the results of operations of the erstwhile SBICI for the period beginning 29 July 2011. Accordingly, the figures of the previous period are not comparable, SBI said in a release.
"Consequent to the notification of the `Acquisition of State Bank of India Commercial & International Bank Ltd Order, 2011' issued by the Government of India, the undertaking of State Bank of India Commercial & International Bank Ltd (SBICI) stands transferred to and vests in State Bank of India, with effect from 29 July 2011, the effective date," SBI noted in it release.
SBI said its standalone net profit for the quarter ended 31 December 2011 rose 15.38 per cent to Rs3,263 crore from Rs2828.1 crore in the quarter ended 31 December 2010.
Standalone income for the quarter ended 31 December 2011 stood at Rs29,787.4 crore, against Rs24,726.7 crore during the previous-year quarter - a 20.46 per cent increase year-on-year.
SBI is expecting fresh capital infusion of over Rs6,000 crore by the government before the end of the current financial year.
