The Hindu : Business : SBI first quarter net at Rs. 1058 crores

Online edition of India's National Newspaper
Wednesday, Jul 28, 2004

Business

Business

SBI first quarter net at Rs. 1058 crores

By Our Special Correspondent

MUMBAI, JULY 27. State Bank of India posted a net profit of Rs. 1,058.40 crores in the first quarter of the current fiscal, recording a growth of 17.55 per cent against Rs. 900.36 crores in the corresponding period in the previous year. The operating profit, excluding profit on sale of investment, at Rs. 1,921.46 crores recorded a growth of 12.26 per cent and operating profit including profit on sale of investment stood at Rs. 2,071.40 crores against Rs. 2526.94 crores. Net interest income grew by 10.03 per cent while other income declined by 12.22 per cent whereas the increase in operating expenses was higher at 26.73 per cent.

The average level of advances during the quarter under review was higher by Rs 17,666 crore, up by 13.79 per cent. Average deposits of the bank in India (excluding Resurgent India Bonds / India Millennium Deposit) rose by Rs. 49,240 crores, up by 19.90 per cent. Other income declined by 12.22 per cent, mainly due to decline in profit on sale of investments from Rs. 815.37 crores to Rs. 149.94 crores.

Operating expenses recorded an increase of 26.73 per cent, mainly due to higher depreciation, rent, taxes, repairs and staff cost. Provisions made during the quarter under review were lower at Rs. 1013 crores against Rs. 1626.58 crores.

During the quarter, retail advances in personal segment have grown by Rs. 1377 crores. The outstanding personal segment advances aggregated Rs. 34,533 crore at the end of June 2004.

Bank of Baroda

<167,2p,1>Bank of Baroda has posted a 19.85 per cent rise in net profit at Rs. 292.99 crores in the first quarter ended June 2004 against Rs. 244.47 crores in Q1 of 2003-04.

Total income for the reporting quarter rose to Rs. 1,923 crores from Rs. 1,796.97 crores, the bank said in a statement. Net interest income was up 14.43 per cent at Rs. 674 crores against Rs. 589 crores. Other income rose by 87.82 per cent to Rs. 394.59 crores from Rs. 210 crores.

Total business rose by 12.53 per cent to Rs. 1,10,787.52 crores from Rs. 98,450.07 crores.

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