CHENNAI: State Bank of India has reported a marginal fall in its net profit at Rs. 1,184.49 crore for the quarter ended September 30, 2006, against Rs. 1,215.36 crore in the year-ago period. Total income has risen by 9.7 per cent to Rs. 10,811.23 crore from Rs. 9,856.04 crore. Interest income was higher at Rs. 9,377.47 crore against Rs. 8,561.41 crore and other income accounted for Rs. 1,433.76 crore (Rs. 1,294.63 crore). The bank set aside a sum of Rs. 681.34 crore (Rs. 817.54 crore) towards provisions and contingencies. Net earnings work out to Rs. 22.51 against Rs. 23.09 in the year-ago period. In the half year ended September 30, 2006, the operating profit was up by 12.72 per cent to Rs. 5,309.01 crore against Rs. 4,710.50 crore in the corresponding six months in the previous year. The net profit for the half year was Rs. 1,983.06 crore against Rs. 2,438.19 crore. The bank has stated in a release that the net profit would have been higher but for the presence of one time item of interest on income tax refund of Rs. 712 crore in the first half of 2005-06 and much higher provision for taxes of Rs. 1,362.65 crore in the first half of 2006-07 against Rs. 400.09 crore in the corresponding period in the previous year.

Deposits grew by Rs. 38,173 crore to Rs. 392,615 crore as at the end of September 2006 from Rs. 354,442 crore at the end of September 2005, recording a growth of 10.77 per cent. The cost of deposits declined to 4.51 per cent from 4.64 per cent.

Gross advances grew to Rs. 288,840 crore as at the end of September 2006 from Rs. 238.351 crore, registering a rise of 21.18 per cent year-on-year.

Printer friendly page  
Send this article to Friends by E-Mail