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SBI Q2 net down at Rs1,184.5 crore news
28 October 2006

Mumbai: The State Bank of India has reported a marginal 2.5 per cent fall in fiscal second quarter (July-September 2006) net profit at Rs1,184.5 crore compared to Rs1215.4 crore during the same quarter in the previous year. SBI, the nation's biggest lender by assets, attributed this to a lower loan demand that wasn't enough to make up for a bigger tax payment.

Total (interest and non-interest) income for the quarter increased to Rs10,811.2 crore from Rs9,856 crore in the year-ago period. Non-interest income increased to Rs1,430 crore from Rs1,290 crore.

The SBI group posted a net profit after minority interest at Rs1,734.5 crore for the quarter compared to Rs1,590.8 crore in the year-ago period. Total income increased to Rs16, 255.4 crore from Rs13,974.3 crore during the quarter ended September in 2005.

Loans rose to Rs290,000 crore as of end-September, an increase of 21 per cent from a year earlier, with the average yield on advances improving to 8.6 per cent from 7.8 per cent. The bank's deposits rose 10.8 per cent to Rs393,000 crore during the period.

Provisioning for bad debt rose to Rs116 crore from Rs10.7 crore. SBI's net bad loans, however, fell to 1.67 per cent of total loans from 2.27 per cent a year earlier. Capital adequacy ratio rose to 12.6 per cent from 11.3 per cent a year earlier.

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SBI Q2 net down at Rs1,184.5 crore