The Hindu : Business : SBI profit dips

Online edition of India's National Newspaper
Wednesday, Jan 24, 2007
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Business

Business

SBI profit dips

Special Correspondent

11 per cent growth in deposits

MUMBAI: State Bank of India (SBI) has posted a net profit of Rs. 3,048.11 crore in nine months ended December 31, 2006, registering a decline of 14.22 per cent when compared with the net profit of Rs. 3,553.38 crore in the corresponding period in the previous year.

"Excluding the effect of one-time items, the net profit this year is higher,'' SBI stated in a press release on Tuesday.

The operating profit for the nine months at Rs. 8,163.97 crore is up from Rs. 5,574.11 crore (excluding the effect of one-time items), thereby registering a growth of 46.46 per cent.

The bank has registered an operating profit of Rs. 2,854.96 crore in the third quarter (October to December) in the current fiscal, up from Rs. 864 crore (excluding one-time items) in the corresponding period of previous year, thereby registering a growth of 230.58 per cent.

Provisions made during the nine months under reference were at Rs. 5,115.86 crore against Rs. 4,468.67 crore. This includes provision for non-performing assets of Rs. 698.26 crore (Rs. 144.18 crore). The bank's deposits grew by Rs. 40,621 crore to Rs. 4,04,352 crore as at the end of December 2006 from Rs. 3,63,731 crore as at the end of December 2005, recording a growth of 11.17 per cent.

The cost of deposits, excluding India Millennium Deposits (IMDs) marginally, increased from 4.52 per cent in December 2005 to 4.57 per cent in December 2006 "despite successive increases in deposit interest rates in 2006.'' Gross advances grew to Rs. 3,15,376 crore as at the end of December 2006 from Rs. 2,48,598 crore as at the end of December 2005.

The bank added Rs. 6,943 crore to its capital during the first nine months of the current fiscal by way of Upper Tier-II subordinated debt, which helped the bank in maintaining its capital adequacy ratio.

Total Tier II bonds mobilisation in the last 13 months is Rs. 10,226 crore. Tier-I capital adequacy ratio of the bank as on December 31, 2006, is 8 per cent.

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