SBI Q2 Net rises 31% to Rs 3,100 crore

On a consolidated basis, SBI's net profit rose 31 per cent to Rs 4,024 crore (Rs 40.24 billion) during the second quarter.

State Bank of India on Friday reported 30.5 per cent growth in net profit at Rs 3,100.41 crore (Rs 31 billion) for the quarter ended September 30.

The standalone net profit of State Bank of India was Rs 2,375 crore (Rs 23.75 billion) in July-September quarter of 2013-14, it said in a filing to the BSE.

Provisioning against bad loans during the quarter stood at Rs 4,274 crore (Rs 42.74 billion), up 41 per cent from Rs 3,029 crore (Rs 30.29 billion) in the September quarter of last fiscal.

Gross non-performing assets as a percentage of total advances stood at 4.89 per cent at the end of September, lower than 5.64 per cent in the year-ago period. Net NPA was 2.73 per cent.

Total income increased to Rs 41,833 crore (Rs 418.33 billion) during the quarter from Rs 37,199.92 crore (Rs 371.99 billion) in the corresponding period last year.

On a consolidated basis, SBI's net profit rose 31 per cent to Rs 4,024 crore (Rs 40.24 billion) during the second quarter.

The group's net profit after taxes, minority interest and share of profit/(loss) of associates was Rs 3,073 crore (Rs 30.73 billion) in the same quarter of previous fiscal.

SBI shares were trading 1.43 per cent up at Rs 2,758.10 per scrip during afternoon session on the BSE.