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SBI profit up 78 p.c.

MUMBAI: State Bank of India (SBI) on Saturday said it has clocked a 78.6 per cent jump in net profit for the first quarter ended June 30, 2007 at Rs. 1,425.81 crore as against Rs. 798.57 crore in the year-ago period.

The bank’s consolidated net profit also jumped 93.3 per cent to Rs. 1,862 crore from Rs. 963 crore, a SBI release said.

The return on assets (RoA) improved to 0.94 per cent from 0.64 per cent while the return on equity (RoE) went up to 17.57 per cent from 11.23 per cent a year ago.

Net interest income in the quarter was up 15 per cent at Rs. 4,497.40 crore as compared to Rs. 3,910.61 crore in the corresponding period last fiscal. Total non-interest income increased to Rs. 842.58 crore from Rs. 709.59 crore in the year-ago period.

Fee income also saw a growth of 16.3 per cent to Rs. 885.86 crore from Rs. 761.85 crore. SBI’s deposits expanded 19 per cent to Rs. 449,660 crore from Rs. 377,742 crore, but cost of deposits also rose from 4.63 per cent to 5.35 per cent. This was “due to higher term deposits mobilisation and higher interest rates,” the bank said. Gross advances grew 28.9 per cent to Rs. 344,087 crore. — PTI

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