SBI net profit jumps 25 percent, scrip at all time high

Mumbai, Aug 12 (IANS) The country’s largest lender, State Bank of India, Thursday reported a 25 percent jump in net profit at Rs.2,914.2 crore for the quarter ended June 30, beating street expectations, which propelled its scrip to an all time high at the Bombay Stock Exchange.

In the previous corresponding quarter, the bank had posted a net profit of Rs.2,330.37 crore.

The net interest income grew a robust 45.36 percent to Rs.7,304 crore from Rs.5,024.9 crore in the same quarter of last fiscal.

The total income increased 4.97 percent to Rs.22,142.08 crore in the quarter under review, against Rs.21,041.51 crore in the same quarter last fiscal.

Net non-performing assets (NPAs) was at 1.7 percent versus 1.55 percent, with the bank making provisions for NPAs at Rs.1,733 crore in the quarter as against Rs.1,344 crore in the previous corresponding quarter.

The consolidated net profit of the group grew almost 22 percent to Rs.3,365.26 crore for the quarter, compared to Rs.2,758.53 crore in the first quarter of 2009.

At the BSE, the SBI scrip touched a new high of Rs.2,676.15, up 2.78 percent from its previous close at Rs.2,603.60.

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