SBI Q1 net up 42% at Rs 2,330 cr

State Bank of India reported on Thursday a growth rate of 42 per cent in net profit at Rs 2,330.37 crore (Rs 23.3 billion) for the first quarter ended June 30, 2009.

The bank has a net profit of Rs 1,640.79 crore (Rs 16.4 billion) in the same quarter of the last fiscal, SBI informed the Bombay Stock Exchange.

Total income during the quarter rose by 29.8 per cent to Rs 21,041.51 crore (Rs 210.41 billion) from Rs 16,203.07 crore (Rs 162.03 billion) in the same period last year.

During the quarter, interest income of the bank grew by 26.6 per cent to Rs 17,473 crore (Rs 174.73 billion) from Rs 13,799 crore (Rs 137.99 billion) in the same quarter previous fiscal.

Shares of the bank was trading at Rs 1,705, up 2.93 per cent on the BSE.